The immediate past president of the Ateneo de Manila University has resigned from the board of directors of the Pangilinan-led Philippine Long Distance Telephone Co. (PLDT).
The resignation of 18-year Ateneo President Bienvenido Nebres takes effect "immediately" after having been accepted by the telecommunication giant's board in a meeting Tuesday, a disclosure at the local bourse showed.
Nebres was an independent director; chairman of the PLDT board's audit committee; and member of the executive compensation as well as governance and nomination committees.
His resignation comes at the wake of PLDT Chairman Manny Pangilinan's "disengagement" from the Ateneo.
Pangilinan has said he is cutting ties with his alma mater over "irreconcilable" differences of positions taken on controversial issues, particularly the reproductive health bill and mining.
However, PLDT said in its disclosure that Nebres "has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the company."
"His resignation is not expected to have any significant impact on the Company's current or future operations, financial position or results of operation," the disclosure read further.
The PLDT board will elect a new independent director to fill Nebres' position, the disclosure added.
The Philippines is to upgrade a navy base facing disputed South China Sea waters to serve the extra ships being acquired to protect its territory, the military said Thursday. Navy spokesman Lieutenant-Commander Gregory Fabic said the military would build a 500-million-peso ($11.2 million) port at Ulugan Bay, the Philippine military base nearest to the Spratly Islands. President Benigno Aquino is set to visit the base on May 20 to launch the upgrading, Fabic added. In recent years, the …