MANILA, PHILIPPINES — November 10, 2026 — What if one of the Philippines’ most experienced investment bankers never intended to enter the industry that would define his career?
For Eduardo “Ed” Francisco, president of BDO Capital & Investment Corporation and executive vice president of BDO Unibank, becoming an investment banker was never part of a childhood master plan.
Instead, a series of professional opportunities eventually led him into a career spanning approximately three decades in capital raising, corporate finance, mergers and acquisitions, and investment advisory services.
In an interview on Bilyonaryo News Channel’s Bankero Unfiltered, Francisco offered an unusually candid account of how he entered one of the financial industry’s most demanding professions.
His story reveals that success in investment banking does not always begin with a perfectly mapped-out career.
Sometimes, it begins with taking an unexpected opportunity—and developing the skills needed to make the most of it.
But Francisco’s experience also raises a bigger question for the next generation of Filipino entrepreneurs and finance professionals:
What does it really take to transform business opportunities into billion-peso financial deals?
From Business Administration to SGV: How Ed Francisco’s Career Began
Long before leading BDO Capital, Francisco started with a background in business administration.
He subsequently joined SGV & Co., one of the Philippines’ most established professional services firms.
His early professional experience gave him exposure to accounting and business operations before he pursued further education and moved into banking.
Public corporate records confirm that Francisco earned a Business Administration degree from the University of the Philippines and a Master of Business Administration from the Wharton School of the University of Pennsylvania.
Those academic qualifications became part of a professional foundation that would eventually support a long career in the financial industry.
But his journey was not a straightforward progression into investment banking.
Francisco first gained experience across several banking functions.
He worked in treasury, an area concerned with liquidity, financing, interest rates and financial-market activities.
He then moved into corporate banking, where financial institutions provide banking and lending services to companies.
Only later did he establish himself in investment banking.
His career demonstrates how experience across different financial disciplines can help professionals understand the needs of corporate clients.
Rather than entering investment banking immediately after graduation, Francisco developed a broader perspective on the financial system before taking on major advisory responsibilities.
Investment Banking Was Never the Original Plan
During the interview, Francisco acknowledged that his entry into investment banking largely resulted from circumstances and professional opportunities.
His response challenges the conventional idea that senior financial executives always know exactly where their careers are heading.
The path from SGV to business school, treasury, corporate banking and finally investment banking exposed him to several sides of the financial industry.
That experience matters because investment bankers must understand more than financial markets.
They need to evaluate business models, funding requirements, financial risks and investors’ expectations.
A company seeking expansion financing may need a different solution from a business considering a stock-market listing or the sale of a controlling interest.
Francisco’s early experience across multiple disciplines helped build the knowledge needed to navigate those situations.
The lesson from his career is not that planning is unnecessary.
It is that professional development can take unexpected directions, particularly when individuals remain open to learning new skills.
What Does BDO Capital Actually Do?
BDO Capital & Investment Corporation is the investment banking arm of BDO Unibank, part of the SM Group’s broader financial services operations.
Unlike a traditional commercial banking business focused primarily on deposit-taking, lending and related services, investment banking concentrates on capital raising and strategic financial transactions.
BDO Capital works with companies that need assistance in accessing capital markets, restructuring their financial obligations or undertaking major corporate transactions.
Its services include advising on initial public offerings, bond issuances, mergers and acquisitions, financing arrangements and public-private partnership projects.
For companies planning an expansion, the role of an investment banker is often to determine which financing structure best fits the business.
Should the company borrow money from banks?
Should it issue corporate bonds?
Would bringing in new shareholders provide a better solution?
Or could a public listing create access to a wider pool of investors?
Each option involves different costs, obligations, risks and effects on ownership.
Francisco explained that investment banking requires understanding a client’s financial position and business objectives before recommending a financing solution.
That distinguishes the work from simply arranging loans.
Investment bankers help companies assess the available choices and prepare transactions that potential investors or lenders can evaluate.
BDO’s ₱63.6-Billion Earnings Highlight the Scale of Philippine Banking
Francisco’s leadership role sits within one of the country’s most prominent financial groups.
BDO Unibank reported approximately ₱63.6 billion in net income for the first nine months of 2026, while its customer loan portfolio expanded to about ₱4.1 trillion.
The bank’s lending activity increased substantially even as earnings growth remained relatively modest.
As previously reported by WWC ONE MEDIA, the results highlighted how strong loan expansion does not necessarily translate into equally rapid profit growth.
Related WWC ONE MEDIA report: BDO Profit Hits ₱63.6 Billion as Loans Surge to ₱4.1 Trillion — But Why Is Earnings Growth Barely Moving?
The bank also approved an expansion of the unissued portion of its peso bond program to ₱500 billion.
That figure represents authorized capacity for potential future bond issuances, not money automatically raised or a transaction attributed to Francisco personally.
Nevertheless, it illustrates the scale of capital-market funding arrangements associated with large Philippine financial institutions.
Investment banking operates alongside traditional commercial banking by helping corporations and financial institutions access different sources of financing.
For executives such as Francisco, understanding how debt markets, equity markets and corporate financing interact is central to the job.
Why Raising Capital Is More Complicated Than Getting a Bank Loan
Corporate financing is rarely a matter of simply asking a financial institution for money.
Companies must demonstrate that they can use additional funding effectively and meet the obligations associated with the financing they obtain.
A business considering a bond issuance, for example, needs to assess its capacity to make interest payments and repay principal.
A company considering an IPO must prepare extensive disclosures and demonstrate why investors should purchase ownership stakes in the business.
Meanwhile, companies pursuing mergers and acquisitions need to evaluate business valuations, ownership structures, potential synergies and transaction risks.
Investment bankers help companies work through those decisions.
One recent example of the importance of corporate bond markets is the planned sustainability bond offering by the Bank of the Philippine Islands.
BPI announced an initial ₱5-billion SIBOL bond offering in October 2026, following a previous ₱50-billion social bond issuance.
Related WWC ONE MEDIA report: BPI Marks 175 Years With ₱5-Billion Sustainability Bond Offer — But Could Another ₱50-Billion Investor Rush Be Coming?
The BPI transaction is unrelated to Francisco’s interview but illustrates why companies and banks turn to debt capital markets rather than depending exclusively on ordinary lending arrangements.
Successful fundraising requires appropriate financial terms, regulatory compliance and sufficient investor demand.
And for corporate advisers, those requirements can become increasingly complicated as transaction sizes grow.
Smaller Businesses May Need Even More Help Than Corporate Giants
One of the most revealing parts of Francisco’s interview concerns small and medium-sized enterprises.
According to the BDO Capital executive, smaller businesses often require additional guidance because they may lack the formal financial records, documented strategies or established track records expected by institutional investors.
Some entrepreneurs have developed profitable operations through years of experience but have not translated their business knowledge into detailed financial plans.
That creates a challenge when they approach professional investors.
Even an established business may struggle to attract capital if potential backers cannot independently assess its financial performance, future prospects and risks.
Investment bankers can help address that gap by organizing information and preparing materials that investors can evaluate.
The objective is not simply to make a company appear attractive.
It is to establish a clear financial picture that supports informed investment decisions.
This process can involve evaluating historical performance, preparing financial projections, identifying expansion requirements and explaining the company’s competitive advantages.
For smaller entrepreneurs, those preparations can become essential steps toward obtaining larger-scale financing.
BDO Capital Is Helping a Motorcycle-Financing Company Explore an IPO
Francisco’s comments about assisting developing businesses have an immediate real-world connection.
In separate reporting published November 9 by Bilyonaryo News Channel, Francisco disclosed that BDO Capital has been working with a major motorcycle-financing company exploring a potential stock-market listing.
He did not identify the company.
According to the report, the business has been operating for several years and is approaching profitability.
BDO Capital is assisting it in evaluating the possibility of raising capital through an IPO.
However, the transaction has not been formally announced as a completed or approved public offering.
No final fundraising amount, offering price or listing date has been disclosed.
Francisco explained that preparing for an IPO could take anywhere from three months to three years, depending on a company’s readiness.
Some businesses already maintain the financial reporting systems and corporate structures necessary to enter the capital markets.
Others require more extensive preparation.
The potential motorcycle-financing IPO highlights an important aspect of investment banking: major financial advisers do not exclusively serve the country’s largest conglomerates.
Mid-sized businesses with credible growth prospects may also become candidates for capital-market financing.
Philippine IPO Market Shows Why Investment Bankers Matter
The importance of capital-market preparation became particularly visible with the public listing of GCash parent Mynt Inc. in October 2026.
Mynt completed a major Philippine IPO, raising approximately ₱60.9 billion including the overallotment.
The listing demonstrated how a major financial technology company could attract investment through the domestic stock market.
WWC ONE MEDIA subsequently reported that GCash generated ₱16.5 billion in net income during the first nine months of 2026, a 17.4% increase from the previous year.
Related WWC ONE MEDIA report: GCash Profit Surges 17.4% to ₱16.5 Billion After Record ₱60.9-Billion IPO — But Can Its ₱79.3-Billion Lending Business Sustain the Boom?
The GCash IPO is an example of the type of complex capital-market transaction for which investment banks and financial advisers provide services.
It should not, however, be interpreted as a claim that Francisco or BDO Capital arranged the Mynt listing.
Their involvement in that transaction was not established by the interview.
The broader significance lies in the financing process.
Before companies can successfully list their shares, they must address financial reporting, valuation, investor disclosures and applicable securities regulations.
Investment bankers can help coordinate those requirements and connect issuers with potential investors.
Recognition Reflects BDO Capital’s Established Market Position
BDO Capital has accumulated numerous awards for its investment banking and corporate advisory activities.
According to the company’s published awards records, it was recognized as Best Investment Bank in the Philippines by Global Finance in 2026.
The institution also received recognition from The Asset, FinanceAsia and Alpha Southeast Asia for various investment banking and financial advisory categories.
BDO Capital’s awards history includes recognition for corporate finance, bond transactions, project financing and merger-and-acquisition services.
These distinctions provide additional context for Francisco’s leadership role.
His professional responsibilities involve operating within an established institution serving Philippine companies that require sophisticated financing advice.
The awards do not establish that Francisco personally managed every recognized transaction.
They do, however, illustrate the scope of the institution’s activities and its position in the domestic investment banking market.
Francisco Warns That Political Controversies Can Hurt Foreign Investment
Francisco’s recent public statements also extend beyond his own career.
In September 2026, The Philippine Star and Daily Tribune reported his concerns that political uncertainty and weak investor sentiment were reducing the Philippines’ appeal to international fund managers.
He argued that the country was facing difficulty attracting investment despite the presence of companies with solid financial performance.
According to the September 6 Philippine Star report, Francisco pointed to the country’s relatively small position in global investment benchmarks as one factor limiting attention from international investors.
Daily Tribune also reported his concern that political controversies were discouraging investment and weakening business confidence.
In a separate November 9 Politiko report, Francisco discussed how the flood-control controversy had complicated efforts to promote Philippine companies to foreign investors.
These concerns directly affect the business environment in which investment bankers operate.
Even when a company has promising growth prospects, external investors may demand higher returns or decide to allocate money elsewhere when they perceive significant political, governance or economic risks.
Investment bankers therefore must evaluate both company-specific opportunities and the wider investment climate.
For Philippine businesses considering an IPO or international capital raising, investor confidence can become as important as operational performance.
Investors Need More Than Attractive Growth Stories
Francisco has also emphasized the importance of balancing the interests of companies seeking financing with those of investors supplying capital.
An IPO issuer naturally wants to raise as much money as possible.
Investors, meanwhile, want securities priced at levels that reasonably reflect the associated risks and growth prospects.
An excessively high offering price could make fundraising attractive for existing shareholders in the short term while leaving new investors exposed to disappointing market performance.
If investors repeatedly experience losses from overpriced offerings, their willingness to participate in future transactions may decline.
This is one reason credible valuations and clear financial disclosures matter.
The Philippine banking industry provides numerous examples of why investors must look beyond headline growth.
WWC ONE MEDIA recently reported that Metrobank generated approximately ₱36.3 billion in net income during the first nine months of 2026, even as earnings faced pressure despite stronger loan growth.
Related WWC ONE MEDIA report: Metrobank’s ₱36.3-Billion Profit Slips Despite 13% Loan Surge — But Could Rising Bad-Loan Provisions Threaten Its 2026 Comeback?
The Metrobank results are unrelated to Francisco’s personal career, but they illustrate an important principle of financial analysis.
Strong growth in one business indicator does not automatically guarantee equally strong overall financial performance.
Investment bankers must help clients and investors understand those distinctions before major financial commitments are made.
What Young Filipino Professionals Can Learn From Francisco’s Career
Francisco’s professional journey offers a useful perspective for students, young bankers and entrepreneurs considering careers in finance.
His experience suggests that professional success can develop through a combination of technical knowledge, adaptability and exposure to different business functions.
Starting in business administration, working at SGV, pursuing an MBA and gaining experience in treasury and corporate banking provided skills that eventually became relevant to investment banking.
For professionals interested in similar careers, accounting knowledge, financial analysis, corporate valuation, communication and an understanding of capital markets are important foundations.
But technical expertise alone is not enough.
Investment bankers must also understand how companies operate and what business owners want to achieve.
That requires the ability to communicate complicated financial information clearly and evaluate situations from both commercial and investor perspectives.
Francisco’s career illustrates the value of remaining open to opportunities that may not initially fit a predetermined professional plan.
It does not mean every career change will lead to executive success.
Rather, it shows how experience accumulated across different roles can create opportunities over time.
The Bigger Picture: Can the Next Generation of Entrepreneurs Access Capital?
Francisco’s interview is more than a personal story about an unexpected career.
It also highlights one of the central challenges facing Philippine businesses: finding appropriate financing to support sustainable expansion.
Large conglomerates often have access to banking relationships, debt markets and institutional investors.
Smaller companies may face greater obstacles because they lack extensive operating histories, formal financial reporting or established investor networks.
Professional financial advisers can help bridge part of that gap by preparing businesses for more sophisticated fundraising.
However, greater access to capital also depends on the wider market environment.
Investor confidence, financial transparency, regulatory efficiency and credible business opportunities all influence whether companies can raise funds successfully.
The Philippines needs financially sound companies capable of attracting long-term investment.
It also needs investors who believe the market offers fair valuations and reasonable protection against risk.
Francisco’s three-decade career places him at the intersection of those interests.
As president of BDO Capital, his role involves helping companies evaluate financing options while considering the expectations of capital providers.
And as new Philippine businesses explore public listings and alternative funding arrangements, that expertise remains relevant.
From SGV to treasury, corporate banking and eventually the leadership of BDO Capital, Ed Francisco’s career was not the result of a perfectly scripted plan.
It evolved through professional opportunities, continuing education and experience across several financial disciplines.
But the bigger question now extends beyond his career.
As Philippine businesses search for billions in fresh funding amid weak foreign investor confidence, can experienced dealmakers like Francisco help unlock the country’s next generation of growth companies—or will market uncertainty keep promising entrepreneurs from reaching the capital they need?
