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Board of Directors
DAVID P. MERCADO, JR.
Chairman
DAVID P MERCADO JR
Chairman
He was elected to the Board and appointed as Chairman on July 19, 2022. Before his appointment as Chairman, he served as Vice-Chairman and Managing Director of Milestone Guaranty and Assurance Corp.
Before joining Milestone Guaranty and Assurance Corp., he was the President and General Manager of Utility Assurance Corp. (2003 – 2012) and Deputy Chairman and Managing Director of Stronghold Insurance Co. Inc. (2012 – 2018). He was also a member of ASEAN Natural Disaster and Risk Work Sharing (2017-2018), the AIC Council of Bureaux (2015- 2017), the Board of Trustees of Philippine Insurers and Reinsurers Association (2007-2018), and the Philippine Insurance Rating Association, Inc. (2001-2006). He was elected to the Board of Directors of the Philippine Insurers Club (2003- 2006). He was the President and Advisor of the Society of Underwriters (2000- 2006).
Mr. Mercado, Jr. graduated with a degree of Bachelor of Science in Commerce Major in Business Management at Woodbury University, Los Angeles, California.
NORBERTO V. SAUCO
Vice-Chairman
NORBERTO V. SAUCO
Vice-Chairman
He was elected to the Board and appointed as Vice-Chairman on July 19, 2022.
He was the President and CEO of the Company from December 9, 2013 until his retirement on June 15, 2022. He started working in Milestone Guaranty and Assurance Corp. (Formerly: Eastern Assurance and Surety Corporation) from October 19, 1965 and rose from the ranks to become its top executive.
He became a member of the Philippine Insurers Club, Philippine Insurers and Reinsurers Association, the Society of Underwriters for Property and Casualty (SOUND), and the Philippine Insurance Institute (PII).
Mr. Sauco graduated with a degree of Bachelor of Science in Commerce Major in Accounting at Far Eastern University.
ATTY. DARREN M. DE JESUS
Director
ATTY. DARREN M. DE JESUS
President and Chief Executive Officer
Atty. De Jesus joined Milestone Guaranty and Assurance Corp. in April 2023 and he was elected to the Board and is currently the President and Chief Executive Officer of the company.
In 2022, he was recognized as the country’s Top Performing President in the General Insurance Sector by World Business Outlook. Before joining the insurance industry, he served as Deputy Secretary General of the House of Representatives from 2016 to 2020. He practiced litigation law as part of the Bangko Sentral ng Pilipinas (BSP), the Office of the General Counsel and Legal Services from 2013 to 2016, and the Angara Concepcion Regala & Cruz Law Offices (ACCRALAW) from 2010 to 2013.
He graduated from Ateneo de Manila, School of Science and Engineering with a degree of Bachelor of Science – Management Information Systems, in April 2005. He finished his Juris Doctor at Ateneo de Manila, School of Law, in April 2009.
FLAVIANA C. GARCES
Director
FLAVIANA C. GARCES
Senior Vice President - Finance & Comptroller
She joined Milestone Guaranty and Assurance Corporation in February 2016, with the position of Vice President for Finance, HR and Admin, and at the same as Corporate Treasurer. She also managed the Milestone employees’ Provident Fund as Chairperson. In October 2, 2023, she was promoted to Senior Vice-President of the Company. In December 2023, she was elected member of the Board of Directors.
Throughout her career in the insurance industry since 1989 when she was employed with Universal Reinsurance Corporation (URC) (Ayala Group of Companies), then merged with Malayan Reinsurance Corporation in 2003, and became then merged with National Reinsurance Corporation of the Philippines (NRCP) as the surviving company in 2006 until her early retirement in October 2013, spanning 24 years. Mrs. Garces has gained extensive and vast experience, excelling in various positions such as General Accountant, Supervisor and Accounting Specialist III at the National Reinsurance Corporation of the Philippines (PHILNARE).
Mrs. Garces is esteemed in the fields of finance, human resources, and administration. She has attended various seminars on insurance, business financing and accounting to strengthen her expertise. Notable among them are the Sales Training Course for Life Insurance, Quality Business Seminar, Fundamentals of Life Insurance, and Accounting for Non-Accountants at the Insurance Institute for Asia and the Pacific. She also completed the Basic Course on Supervisory Skills Development at the University of the Philippines.
Mrs. Garces is a licensed Life Insurance Agent by the Office of the Insurance Commission (IC), having passed the Licensure Examination in 1996. She is also a licensed Real Estate Broker by the Professional Regulation Commission (PRC). Additionally, she received the Model Employee of the Year Award in 1988 at Batangas Multi-Purpose Cooperative. She served as the Vice President of Consolinian Community Services, a catholic religious organization – La Consolacion Chapel – La Consolacion College-Pasig.
She graduated from the University of Batangas, formerly known as Western Philippine Colleges, with a degree in Bachelor of Science in Commerce, Major in Accounting.
ATTY. KIRBY V. MACALALAD, CPA
Director
ATTY. KIRBY V. MACALALAD, CPA
Executive Director – SVP Operations
Atty. Macalalad joined Milestone Guaranty and Assurance Corp. in 2017 and has been in the non-life insurance industry since then.
He started as the Company’s Head of Internal Audit in 2017, and previously held the positions of Senior Vice-President for Business Affairs and Corporate Secretary. He was then appointed the position of Senior Vice-President for Operations on March 16, 2026 and currently holds the same position. He is also a Member of PIRA Legal Committee and PIRA TWG on the Revision of the Insurance Code for Philippine Insurers and Reinsurers Association since 2024.
Atty. Macalalad graduated from New Era University with a degree of Bachelor of Science in Accountancy. He took and passed the Certified Public Accountant Licensure Exam in 2017. He also finished his Juris Doctor degree from the same university in 2023.
Atty. Macalalad has honed his skills and knowledge in non-life insurance through various trainings and seminars. Notable among them are, the Intermediate Course on Fire Insurance and the Intermediate Course on Miscellaneous Casualty Insurance, both with the Insurance Institute for Asia and the Pacific in 2026, as well as the Advanced Course on Suretyship with the same institution in 2024. He also completed the Basic Non-Life Insurance Course with the Insurance Institute for Asia and the Pacific, where he placed first in 2017.
He has also undertaken continuing professional development in corporate governance. He completed the Applied MBA Program with the Executive Development Academy, as well as the Corporate Governance Scorecard Workshop for Insurance Companies with the Institute of Corporate Directors in 2026. He also attended the Roles, Responsibilities, and Liabilities of Board of Directors program conducted by the Center for Global Best Practices in 2025, and the Strategic Thinking for Board of Directors and Leaders with the same institution in 2023.
SABRINA R. DELOS REYES
Director
SABRINA R. DELOS REYES
Executive Director - Corporate Treasurer
Mrs. Delos Reyes joined Milestone Guaranty and Assurance Corp. on March 16, 2026, and was appointed for the position of Corporate Treasurer.
She previously worked for Aon Insurance & Reinsurance Brokers as Associate Director – Treaty from 2023 to 2025. She was also the Vice President, Treaty for Guy Carpenter Philippines from 2025 to 2026.
Mrs. Delos Reyes obtained her undergraduate degree on Bachelor of Science in Geography from University of the Philippines Diliman in 2012.
She has refined understanding and skills in reinsurance through various trainings. Most notable among them are Technical Reinsurance Accounts, and Reinsurance Contract Treaty Wordings, both with Singapore College of Insurance, in 2021, Reinsurance Treaty Wordings with Guy Carpenter, in 2019, and Reinsurance International Study Course with Singapore College of Insurance, in 2018.
JAY FERDINAND S. BAUTISTA
Independent Director
JAY FERDINAND S. BAUTISTA
Independent Director
He was elected to the Board on December 12, 2023 up to the present as Independent Director.
Mr. Bautista graduated with a degree in Bachelor of Science in Agribusiness Management at University of the Philippines Los Baños.
ROLANDO O. AMBROSIO
Independent Director
ROLANDO O. AMBROSIO
Independent Director
He was elected to the Board on December 12, 2023 up to the present as Independent Director.
Mr. Ambrosio graduated with a degree in Bachelor of Arts in Economics in Ateneo de Davao University (1981) with Master’s Degree in Business Management at Asian Institute of Management (1985).
GEORGE V. DUQUE
Independent Director
GEORGE V. DUQUE
Independent Director
He was elected to the Board in June 2024 up to the present as Independent Director.
Mr. Duque worked for Universal Reinsurance Corporation as Assistant Vice President for Treaty and Facultative Business. He also held various executive positions at MAPFRE Re Compania de Reaseguros and retired as the Regional Director for Southeast Asia, in 2012.
Mr. Duque graduated from Adamson University with a degree of Bachelor of Science in Commerce with a Major in Accounting. He also obtained a postgraduate degree of MBA Program for the Ayala Group Junior Executives from Ateneo de Manila University (Makati).
Mr. Duque has also finely tuned his knowledge and attended various reinsurance trainings. Distinguished among these are with Toa Reinsurance Corporation, on 1981 in Tokyo, Japan, MAPFRE Re Compania de Reaseguros S. A., Madrid, on 1986, in Spain, Greig Fester Ltd. (now AON Re), on 1987, in London, England, and Mercantile & General Reinsurance Corp. (now part of Swiss Re), on 1987, in London, England. He was also a Delegate to all the East Asian Insurance Congress (EAIC) and the Singapore Insurance and Reinsurance Congress (SIRC) during 1996-2012. Notably, he was also a Reinsurance Lecturer on 1984-1990 in the Philippine Insurance Institute and the Insurance Institute for Asia and the Pacific.
ATTY. IVY CRYSTAL T. CASTILLO
Corporate Secretary
ATTY. IVY CRYSTAL T. CASTILLO
Assistant Vice President - Legal & Compliance and Corporate Secretary
Atty. Castillo joined Milestone Guaranty and Assurance Corp. on March 16, 2026, and was appointed as the Corporate Secretary.
She worked for The Mercantile Insurance Company as Compliance Lawyer from 2024 to 2026.
Atty. Castillo graduated with a degree in Bachelor of Arts in English from Centro Escolar University – Manila in 2011. She also obtained her Juris Doctor Degree from San Sebastian College Recoletos – Manila in 2019.
With her experience, and through various trainings and seminars, Atty. Castillo cultivated her skills and proficiency in non-life insurance. Among her professional development initiatives are the Corporate Governance Scorecard Workshop for Insurance Companies by the Institute of Corporate Directors in 2026, as well as the Insurance Industry Leadership Program of the Insurance Institute for Asia and the Pacific and a Corporate Governance Seminar with the Philippine Chamber of Commerce and Industry in 2025. She also completed an Anti-Money Laundering Act Seminar with AML Consulting PH and the Certified Data Protection Officer Certification Program with IHRI in 2024.
