Asian Journal- The Filipino-American Community Newspaper

LOS ANGELES—"It has been shown in other wealthy nations that industrialization is one of the more lasting solutions to poverty," declared Diosdado Banatao, a successful entrepreneur and Managing partner of the Tallwood Venture Capital. "Rightfully for years now, the government (of the Philippines) has recognized a need to be an industrialized country," Banatao said.

Banatao was speaking during the launching of the mentoring and leadership program of the International Society of Young Filipino Accountants (ISYFA) at the Wilshire Grand Hotel here on Saturday, November 15. Banatao, an electrical engineer, is considered one of Silicon Valley’s best-known and successful entrepreneurs. Tallwood, is a venture capital firm with more than $500 million in assets

Banatao, who hails from a small town in Cagayan province in Northern Luzon and who studied electrical engineering at Mapua Institute of Technology, pioneered the PC chip set and graphics acceleration architecture that continue to be the two foundation technologies in every PC computer today. He is also a multi-awarded venture capitalist who has received multiple awards, including the prestigious Master Entrepreneur of the Year Award. He has been on Forbes Magazine’s Midas list four years running. As an engineer, Banatao is credited with developing several key semiconductor technologies and is regarded as a Silicon Valley visionary.

"Unfortunately, the Philippines is considered a poor country with a large population, a high rate of unemployment, a large gap between the poor and the rich, educated and uneducated, and has made seemingly little progress in solving these top problems," Banatao laments. "Gift-giving by hundreds of foundations abroad and in the Philippines is simply not sufficient to eradicate symptoms of short term needs," he asserts. "Gift-giving in education is an excellent example of strategic helping," Banatao told accounting students, recent graduates of accounting schools, and ISYFA members. "For those of you who are able to help, I would encourage you to think strategically in your gift-giving to the Philippines," Banatao exhorted.

Banatao and his wife, Maria, have established the Banatao Family Filipino American Education Fund with the Asian Pacific Fund in 2002 to help California high school students of Filipino heritage pursue careers in science and engineering, fields where Filipinos are underrepresented.

"The two-year-old ISYFA has attracted an amazing group of people to serve, in a voluntary capacity, with one goal—the opportunity to create and deliver the Filipino dream of getting a fair chance to become leaders in this country," said Marylou Garcia, Managing Director of Expense Reduction Analysts and ISYFA Mentor and Corporate Advisor.

ISYFA Founding President Benel Se-Liban, Principal of Vasquez & Company LLP along with other 14 founding officers organized ISYFA with the vision to a) elevate the stature of Filipino professionals in accounting and finance in the global workforce b) assist, train and mentor emerging professionals and c) promote the Filipino ideals. Through the assistance and mentorship of ISYFA Founding Honorary Advisor Gilbert Vasquez, Managing Partner of Vasquez & Company LLP and Founder of ALPFA (Association of Latino Professional in Finance and Accounting) along with ISYFA Founding Advisors: Carmelita O’Neil, Former Director of Participation Accounting with 20th Century Fox Film Corporation and Susan Legaspi, Partner of EOAG, ISYFA grew from its humble beginnings to now an international organization with members, mentors and advisors based in the East Coast, Canada, Midwest, Texas, California, and the Philippines.