MR. FRANCISCO M. VARELA
Undersecretary for Finance and Administration
Mr. Varela is an investment banker by profession. He graduated magna cum laude in Mathematics at Xavier University in Cagayan De Oro City and finished his Master of Science in Industrial Economics at the then Center for Research and Communication (now University of Asia and the Pacific).
He maybe the youngest among the new DepEd officials, but his vast experience is definitely not of a greenhorn, so to speak. He spent a decade of his corporate life with the AsianBank Capital and Investment Corporation where he held top posts as Chief Operating Officer and President. He also used to head the Strategic Planning and Corporate Communications of the AB Capital Group. The expertise and skills he obtained from his top-rank positions best suit him to handle the finance and administration portfolio of the DepEd organization.
For two years, he was involved with the Center for Research and Communication as an economist, program director of the Industrial Economics Program, and a faculty member of both Economics and Mathematics departments.
A multi-talented leader, he is also a contributing columnist to Business World and the Philippine Daily Inquirer. He served as director or trustee in various foundations and corporations including two universities - Araullo University and the University of Iloilo.
His previous involvements include President of Foundation for Economic Freedom, Director of Investment House Application of the Philippines; Phinma Property Holdings Corp.; Microtel Development Corp.; CIP II Power Corp.; Trustee, Phinma Foundation and CRIBS Philippines and Member, National Issues Committee - Makati Business Club.
Fully aware of the voluminous work load he faces in the government's biggest department, Mr. Varela vows to squarely address the financial and administrative challenges posed by such a huge bureaucracy as DepEd.