MISLEADING: Roman Catholic Archbishop of Manila holds shares in BPI

Jerome Tan

After the Bank of the Philippine Islands (BPI) celebrated its 175th anniversary at the Manila Cathedral, a Facebook post claims that the Roman Catholic Archbishop of Manila holds 6.76% of BPI shares.

CLAIM:

The Archbishop of Manila holds 6.76% of all BPI shares, making them one of the largest shareholders, which was not disclosed during the mass.

RATING: MISLEADING

CONCLUSION:

While the number presented is correct and that the shares were not disclosed during the mass, the shares are owned by the Archdiocese of Manila (the institution) as opposed to the Archbishop (the person). The current Archbishop, Cardinal Advincula, does not publicly own any shares in BPI, or any other company. 

THE FACTS:

• BPI’s filings with the Securities and Exchange Commission list the Roman Catholic Archdiocese of Manila as the company’s fourth largest shareholder. 
• The shares stem from the involvement of groups associated with the Roman Catholic Church in the founding of the bank back in 1851.
• It is not unusual for religious institutions to hold shares in companies, as such investments generate funds for church activities and charity work.

THE BOTTOM LINE: 

Institutional ownership of stocks should not be equated with individual ownership, particularly when such shares have been passed down throughout history.