Passing the Torch: On his milestone year, the respected businessman Charlie Rufino hands over the baton to his sons Raymond, JV and Carlo

It was quite a different story for JV. “I have been involved in the family business but one step ‘removed’ as I was with the Inquirer doing everything ‘virtual’,” he chimes in, referring to the publishing arm of the Rufino-Prieto clan, where he handled its digital platforms. JV is the principal of the investments and technology firm Threadborne Group–one of the Rufino family’s ventures. 

Explaining the current structure of the family business, Raymond shares: “We are [foremost] a family in real estate [business]. In real estate, there are [two aspects to consider] projects and funding”. He and Carlo are in charge of the projects while JV oversees funding. 

“Under my father’s businesses, NEO is probably one of the largest business units,” he adds. In 2013, NEO partnered with SM Investments Corporation to accelerate its growth and development in portfolio management. NEO’s portfolio currently includes seven certified green office buildings in BGC. With Raymond as CEO, NEO became the first real estate portfolio in the world certified with the International Finance Corporation’s EDGE Zero Carbon certification. The retrofit plans for the seven NEO office buildings were verified by EDGE partner SGS-Sintali in October 2021, well ahead of the company’s original goal of net zero by 2030.

Read more: ‘High-end and luxury developments soar’, here’s KMC Savills’s 2024 real estate industry report

On the other hand, Carlo, as NEO’s co-managing director, takes charge of marketing, leasing and community management. “I handle many tenant-facing roles, ensuring smooth move-in as well as keeping them engaged through community events,” Carlo says. In addition, he is in charge of procurement and corporate communications. 

Through the Threadborne Group, JV manages the family office’s financial capital, which means funding the projects they do through investors and managing the funds generated by these projects. Chaired by Charlie, the investment firm Threadborne Group also has interests in real estate, technology, and their intersections. “We started with a few selected investments. But we realised early on that if we were to become a full-on venture capital [VC], we would have to beef up our staff and do due diligence as required,” JV shares. Fortunately, they met a few people they have confidence in and invested through them. “It has been heartening to see startups grow and expand their horizons.”

“While we have distinct roles and responsibilities, we communicate and collaborate frequently,” Raymond says, to which Carlo adds, “We complement each other by bringing different skill sets [to the table].” JV concurs, saying, “We all know our lanes.”

Apart from NEO, one perfect example that showcases the family’s collaboration is the making of Narra1, a state-of-the-art data centre in Laguna, which was also the brainchild of their father. “It’s my dad who pushed us to venture into data centres. He saw many years ago the opportunity that data centres represent–part technology, part real estate, and part infrastructure yet so fundamental and critical to how we live our lives,” says Raymond. A data centre is a facility that centralises an organisation’s IT operations and equipment to store, process and disseminate data. “JV was in charge of funding while Raymond structured the joint venture to work with our partners. My father and I were on the construction side,” says Carlo. What’s even more laudable about the data centre the Rufinos created in partnership with the Singapore-based company Digital Edge is that it is not only one of the largest carrier neutral facilities operating  but also the most energy-efficient in Asia. 

Sustainability is at the heart of the Rufino family’s businesses. While BGC was born when everyone was into smart buildings, Charlie and the family also visualised the need to build greener structures to improve the world. According to Raymond, many years ago, sustainability was merely an afterthought because the main focus was only to save money on operations. For example, a building using energy efficiently will cut electric bills. However, over the years, they all agreed that it’s time to “really come to raise ESG and sustainability as a core component” of who they are as a company. “It’s become fundamental,” says Raymond. “I think it has reached a point where we will not do a building that is not sustainable. The public looks to us for leadership [where sustainability is concerned]. On all fronts, it has become part of our company DNA.” Carlo adds, “We must bring sustainability to our old legacy buildings. In Times Plaza, for example, we are looking into ways to incorporate sustainability practices.” On top of their ongoing sustainability and real estate projects, Carlo shares they are also working on a parking app and looking into other technologies to make work life easier.

One thing laudable about the Rufino family is that they are not solely looking at monetary gains. “For my parents, the definition of success in business was never purely financial. It was never about bringing in wealth. Money is important for the business to grow and become sustainable because without money, your business dies, and you won’t be able to achieve anything,” says Raymond. The goal for them is to generate revenue to support their philanthropic works. “As my dad likes to say now, he is in his philanthropic stage. He spends just as much time on [finding] where to donate and how to raise money so he could donate,” he adds, reiterating how their impact is as significant as the businesses themselves.

As part of the family’s philanthropic initiatives, Charlie serves as the president of Fr Al’s Children Foundation Inc (FACFI), a non-profit organisation that supports the programmes of the Sisters of Mary. Having met the congregation’s founder and Ramon Magsaysay Foundation awardee, Fr Aloysius “Al” Schwartz in 1985, Charlie was moved by how the philanthropist was able to provide free educational and vocational welfare for the underprivileged youth, medical care to the sick and the dying, and shelter service to the homeless and helpless in Busan. “I never knew this was possible. In my mind, how can you create a school for thousands of people with board and lodging free of charge?” Charlie shares. In the same year, the Sisters of Mary Congregation established its child welfare programmes in the Philippines, which includes the Sisters of Mary Schools that now have four campuses in Cavite and Cebu. The schools have cared for over 60,000 high school boys and girls in the past three decades. “It is so heartwarming to see the children given the opportunities to learn,” he adds, sharing that his dream is for these students to earn more than above-industry standard salaries after graduation. “If they only earn an entry-level salary and they need to support their family, nothing will be left. For them to give back to the community or other advocacies, they must be able to earn more. So that’s my goal,” he adds.

The family’s advocacies are something they hold dear in their hearts. “Ultimately, the buildings and the projects will be there, but hopefully, our legacy will extend to those we touched. Because the more successful the business is, the more people we can help, the bigger impact we can make,” Raymond emotionally says. 

When asked what they are most proud of among their achievements, Raymond quickly replied: “Even with all of the stress of the business and everything at the end of the day, we’ve been able to maintain our harmony. Our father taught us to lead gently, far from the stereotypical loud and aggressive leadership style. Inspire people without instilling fear in them. Encourage people to collaborate with gentle persuasion and inspiration rather than with threat or force,” Raymond says. “Remember always to be gracious. You never lose anything by being gracious. Best to always speak from your heart,” says the inspiring father.

Wrapping up, Raymond and JV advise those who would like to be a part of a family business. “If you have a good relationship with your parents, who will be your bosses, working in the family business can be very fulfilling. However, if you have a challenging relationship with them, working with the family business will most likely worsen the situation. As a foundation, you must have a solid, good relationship with your parents and siblings. Trust, respect and communication are fundamentals,” Raymond says. “It is also possible that you get along well with your parents but be completely incompatible with business. That’s because you have a very different way of operating the business. You have to evaluate that as well,” adds JV. 

From where they are now, the tireless Rufino family do not show any signs of slowing down soon. Charlie pauses and shares, “Working with my sons is a fantastic honour. But I always tell them you can be the best in business, but if they fight with each other or don’t trust each other, there will be no love and happiness in the family. We may want to make a difference and support that.” To this day, Charlie did his best to create smart and sustainable spaces, and in doing so, he and his family were able to help uplift the lives of many directly or through their philanthropies. That’s good stewardship.

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