Directors, Officers and Consultants

Jose Maria C. Fernandez-Cuervo
President and Director

Since 1993 Josemari as Vice President of Cuervo Far East, Inc. has handled Development Consultancy Services with a number of local developers. He is also involved with Corporate Services, dealing with companies included in the Philippines top 1000 corporations. In 1997, he expanded the newly established Cebu office by offering more professional Real Estate Services such as Asset Management. After four years as Cebu’s Managing Director and Vice President, he became President and Chief Executive Officer of Cuervo Far East, Inc., serving both local and international clients.

Josemari holds a Bachelor of Arts in General Humanities from the Center for Research and Communication College of Arts and Sciences, which is now the University of Asia and the Pacific (UA&P).

He has over 15 years of business, sales and marketing experience in real estate and has a comprehensive understanding of occupancy strategies and technology trends.

Clients with whom he has worked include:

Ambergris Solutions, American Standard, Aventis, Bausch & Lomb, Eagle Global Logistics, Eastman Kodak, IBM, Jelma Group of Companies, Goldman Sachs, Keppel Properties Philippines, Nokia, Nortel Networks, Philippine Realty, Price Smart , Pryce Properties, Raintree Partners, Sony Music, World Bank and the WPP Group of Companies among others.

As President and Vice Chairman, Josemari is responsible for executing Cuervo Appraisers’ vision and mission and is always looking to improve areas in order to meet clients’ expectations. He also looks after the co-ordination of Cuervo Appraisers clients’ needs for the Davao, Cebu and Manila offices, corporate efficiencies and productivity. In 1999 he initiated an international association between Cuervo Far East and Cushman Wakefield, which has recently merged with DTZ. He continues to be able to draw upon the regional and global resources of the merged company.

Liberty Santiago-Año
Vice President, General Manager and Director

An alumna of the Mapua Institute of Technology where she did a degree of Bachelor of Science in Civil Engineering, Libay has risen from the ranks at Cuervo Appraisers, , Inc. which she joined in 1988 as Project Coordinator. She learned the ropes of appraisal report generation from inspection to transcription, data gathering, drafting of plans, report preparation, proofreading and on to report finalization, binding, securing the approving signatures, releasing of reports to clients, and safekeeping of appraisal reports.

Her patience and gracious nature earned the respect not only of her superiors but also of her peers, as well as our clients who seek her out. Her positive disposition is always a welcome respite to their appraisal concerns. More importantly, her qualification as a Real Estate Appraiser paved the way for management to entrust her with the overall review, approval and signing of appraisal reports. 

Libay is a lecturer in seminars of government institutions, such as the Department of Public Works & Highways (DPWH).

As an offshoot of the company’s formal training courses, Libay co-authored the company’s book, The Appraisers’ Advance Course (AAC) – A Manual of Instructions for Professionals, which is continuously updated and used for the training of succeeding batches of new appraisers at CAI.

These traits and qualifications, coupled with her resolute and determined stance, were dominant factors in her steady climb up the ladder, becoming the Technical Support Group Manager and then Project Management Department Manager. In a few months Libay led the introduction and implementation of the appraisal techniques, service standards and quality control measures of the International Valuation Standards Council ( On May 1, 2008 she was promoted to head CAI’s Technical & Production Division and on November 1, 2009 she was appointed General Manager.

Libay joined the Board of Directors on November 11, 2010 and was elected Vice President during the Board Meeting of April 23, 2013. She continues to hold both positions.

Javier Jose Calero
Vice Chairman and Director

JayJay is the former chairman of J. Walter Thompson-Philippines, the advertising agency which handled such industry leaders as Century Tuna , CFC, Ford and Unilever. As Regional Director and Senior Vice President of J. Walter Thompson, Calero was responsible for JWT’s operations in Indonesia, Malaysia, Singapore and Sri Lanka as well the Philippines. His goal was to ensure that the offices reporting to me followed the group’s quality and corporate standards. His undisputed management performance as J. Walter Thompson Philippines’ first Filipino General Manager earned him an Agora Award for marketing management in 1987. He led the company to industry leadership, increasing the billings from a mere 30 million pesos when he took over in 1976 to 267 million pesos by 1991. 

He remains one of the most respected figures in the advertising industry. In addition to JWT, he has headed Signium Ward Howell and was a key leader in Zenith Optimedia, an active member of the Publicis Group of Companies. 

Currently he a Senior Adviser of International Foundation for Elections System-Washington, D.C. firm and of the Global Executives Solutions Group, a Philippines-based company specializing in Senior Executive placement. 

He is Chairman of Full Circle Communications. Inc., a leading public relations firm, Vice Chairman of the Board of Trustees of the University of Asia and the Pacific and Chairman, Board of Advisers, Asia Pacific Tambuli Awards, which honor brands that do good and do well - the seamless integration of creativity, human good and results. 

JayJay is also an Independent Director of PAMEE, a subsidiary of Philam Life; the ABS-CBN Foundation; Dearborn Motors, the largest Ford dealership in the Philippines; Auto ZoomZoom, a Mazda agency. 

He is a graduate of De La Salle University and also completed the Advance Management Program of Harvard Business School.

Ma. Teresa C. Fernandez-Cuervo
Treasurer and Director

Ms. Ma. Teresa C. Fernandez-Cuervo earned her HRM (Hotel Restaurant Management) degree at CEICID (Centro de Estudios e Investigacion de Ciencias Domesticas) in Madrid, Spain.

After finishing in Spain, Ms. Cuervo returned to the Philippines to devote her time to the family business and the management of Centers of Opus Dei.

Ms. Cuervo worked for Philippine Foundation for CED Inc. in the management of the Makiling Conference Center Management from 1973 to 1991. This stint was followed with assuming the Building Comptroller responsibilities for Tanglaw University Center, the management of Punlaan School and being a Hospice Care Trainor and Coordinator.

Since 2006, Ms. Cuervo assumed the Presidency of R. F. Cuervo, Inc., a position she holds up to the present. RFCI is the realty firm established by the late Ramon Fernandez-Cuervo, Jr., one of the founders of Cuervo Appraisers, Inc.

As the President of R. F. Cuervo, Inc., Ms. Cuervo represents the interest of RFCI in the Board of Cuervo Appraisers, Inc. as one of the latter’s Directors.

Federico C. Cuervo, CPV

Federico C. Cuervo is the President and CEO of Cuervo Valuers & Advisory, Inc. He started his career in real estate working as a real estate agent for R.F.Cuervo Inc. in 1974 while studying Civil Engineering at Mapua Institute of Technology. Currently, he has three (3) real estate licenses, real estate broker (since 1978), real estate appraiser (since 1983) and real estate consultant (since 2001). As president of CV&A, Cuervo specializes in corporate services, property appraisals and advisory. CV&A is a full-service asset solutions provider.

Mr. Cuervo was involved in the property acquisitions of San Miguel Corporation’s brewery sites in Sta. Cruz, Davao del Sur and Sta. Fe, Bacolod City, and La Tondeña’s Distilleria Bago in Negros Occidental.   He has also acquired about a dozen sales offices, a port site and the former Bañas Building for SMC in 1994. He also serviced the first two site acquisitions for SHV Makro, the Imelda Ave., Cainta (4 has.) and Imus, Cavite (3.7 has.) sites in 1995. He also sold Sara Lee’s 3-hectare property in Oranbo, Pasig for Php1 Billion in 1996.

As a real estate appraiser, Mr. Cuervo wrote the valuation methodology for the valuation and privatization of Transco, the National Power Transmission Company (2005). He was also the land valuation consultant of ADB in preparing the valuation methodology needed in the Land Acquisition and Resettlement Project (PHI-35166) for the sale of 102 proclaimed government sites nationwide to be sold to it’s about 350,000 urban poor families-occupants (2007). He was also president and COO of Cuervo Appraisers, Inc., (2002 –2007) and is currently a director.

As a real estate consultant, Mr. Cuervo has been preparing property studies such as Highest and Best Use Studies, Market Studies and Project Feasibility Studies. He was also invited to join the World Bank’s TWG for Involuntary Resettlement, the AusAID and WB funded Land Administration and Management Project (LAMP 1 & 2) and the Philippine Stock Exchange TWG for the Philippine REIT Law. Currently, Mr. Cuervo has been advocating the proposed Philippine Agrarian REIT and Business Trust as an alternative to the Comprehensive Agrarian Reform Program.

Mr. Cuervo has been invited to lecture in several real estate conferences for the ASEAN Valuers Association in Ho Chi Minh (2002), Bangkok (2003), Singapore (2004), Kuala Lumpur (2006), Brunei Darussalam (2007), and hosted the AVA conference in Manila in 2005.

Cuervo also spoke in various real estate conferences for Terrapinn, IQPC, the Asian Business Forum in Singapore, Hong Kong and Macau and MAREC in Kuala Lumpur.

Besides Civil Engineering, Cuervo completed a course in property valuation at the University of British Columbia (2003), Canada and INSPEN, Malaysia (2006).

Bernardo M. Villegas

Bernardo Malvar Villegas is a Professor at the University of Asia and the Pacific (UA&P), Research Director of the Center for Research and Communication, Manila and Visiting Professor of IESE Business School in Barcelona,

He holds a Ph.D. in Economics from Harvard University and is a Certified Public Accountant, having been one of the CPA board topnotchers in 1958. He obtained Bachelor’s degrees in Commerce and the Humanities (both Summa Cum Laude) from De La Salle University where he established a record by obtaining straight A’s in the LIACOM course, a five-year program he finished in four years. At Harvard, at the age of 21, he was one of the youngest ever Teaching Fellows in the College of Arts and Sciences. His special fields of study, teaching and research are development economics, social economics, business economics and strategic management.

Dr. Villegas is the author of several economics textbooks widely used in Philippine schools and universities. He has also written a number of management best-sellers like The Philippine Advantage, Book of Values, Productivity: Path to Global Competitiveness, The Filipino Phenomenon, and The Philippines at the Threshold of the Third Millennium.

He has received several prestigious awards, such as the Ten Outstanding Young Men (TOYM) in 1972, and also recognition from the Asia Foundation, Fulbright Program, Instituto de Cultura Hispanica and the Johnson Foundation.

Dr. Villegas is currently a member of the boards of directors or advisory boards of leading national and multinational firms, such as the Alaska Corporation, Benguet Corporation, Dupont, Insular Life, PHINMA Property Holding Corporation, and Rolls Royce. He has served on the boards of Bank of the Philippine Islands, Globe Telecom, IBM and McDonalds. He is a consultant on management development and strategic planning for numerous leading firms operating in the Philippines and Asia Pacific. He has also served on the boards of leading non-governmental organizations like the Dualtech Foundation, Makati Business Club, Parents for Education Foundation, PHINMA Foundation and Pilipinas Shell Foundation.

Through his work at the University of Asia and the Pacific and the Center for Research and Communication, he is often asked to give advice to top government officials on many policy issues, especially industrial policy and rural development. He was a member of the Constitutional Commission that drafted the Philippine Constitution under the government of former President Corazon Aquino. He is very often on road shows briefing international audiences about the Philippines and the Asia Pacific region. In July 1992, Dr. Villegas was appointed a member of the Council of Economic Advisers of President Fidel Ramos. In July 1998, he was asked by President Joseph Estrada to help promote the Philippines among local and foreign investors. Under the Administration of President Gloria Macapagal Arroyo, he served as a private sector representative on the board of the National Development Corporation and the Philippine Infrastructure Corporation. Under the Administration of President Benigno Aquino III, he has helped government agencies, both at the national and local levels—to promote investments in the Philippines. He served on the Pacific Board of Economics of Time Magazine and writes regularly for both local and international newspapers, including The Asian Wall Street Journal and the New York Times International (formerly the International Herald Tribune.

Montserrat Calero Fernandez-Cuervo

Ms. Montserrat C. Fernandez-Cuervo earned her basic Interior Design degree at the Philippine School of Interior Design (PSID) in 1991.

After finishing in PSID, Ms. Cuervo moved to Madrid, Spain where she worked at the Philippine Embassy in Madrid and at the Philippine Pavilion at the World Expo in Seville.

Ms. Cuervo is presently working at the Consulate General of Spain in Manila.

Since 2006, Ms. Cuervo has been a Director of R. F. Cuervo, Inc., as Treasurer, a position she holds up to the present. RFCI is the realty firm established by the late Ramon Fernandez-Cuervo, Jr., one of the founders of Cuervo Appraisers, Inc.

As the Treasurer of R. F. Cuervo, Inc., Ms. Cuervo represents the interest of RFCI in the Board of Cuervo Appraisers, Inc. as one of the latter’s Directors.

Melchor C. Guerrero


Mr. Guerrero  has been involved as the lead underwriter for listings on the Philippine Stock Exchange and on the NSX Australia, achieving market capitalization for Agrinurture (P4.5B); Calapan Ventures (P400M); Calata Corporation (P2B); Cirtek Holdings Inc. (P2B); East West Bank  (P22.730B); IP Converge (P444M).

He has also served as Vice President and Head of Capital Markets Development Division and  member of the  Management Committee of the Philippine Stock Exchange and has been involved in the approval of listing companies on the PSE, including Aboitiz Power (P 360 B); Anchor Land (P14B);  Citiesonline (P9.6B);  Energy Development Company(P 111B); GMA (P 41.1B); I Remit (P1.4B);  Metro Pacific Investments (P103B); National Reinsurance (P 4.2B); Oriental Resources  (P 6.5B); Pacific Online (P4.1B); Pepsi Cola Products Philippines (P 14.1B); Phoenix Petroleum (P6B);  Splash (P1.1B); Vista Land & Landscapes (P37.5B); IMI (P5.7B).  The company also handled private equity transactions for Daniel Mercado Medical Center (US$4M) and HBC (US$7M).

From October 2010 to May 2012 Mel was Managing Director-Business Development for for a local underwriter which successfully listed IP Converge, raising P192 million and producing a market capitalization of P800M.  As Managing Director of an investment house, he acted as financial adviser and underwriter for a number of companies which produced significant market capitalizations, e.g. Calapan Ventures (P732 M), Calata Corporation (P4B), Cirtek (P8 B), East West Bank (P 26.3 B), Nozomi and Valuequest. Mel was also financial adviser in the restructuring of several corporations and was involved in mergers and acquisitions in the value of P1.7B

In addition to being a leading financial markets innovator, Delta Hedge Holdings has served as an Adviser to several companies and has arranged collateralized and stock loans using foreign funds.  It is a partner of TCR, a New York City investment bank, in the listing of Reverse Delivery Receipts of NYSE companies, on the PSE. It has also partnered with New York Investment banks J. Streicher, and Kuhns Brothers. 

His MBA is from J.L. Kellogg, MS Engineering Management from McCormick both in Northwestern University, and his BA is in Applied Mathematics from the University of California at Berkeley."

Javier Fernandez De Castro

Javier brings CAI many years of management experience, particularly in the areas of finance, IT and facilities management. His skills have been of great value to a range of organizations. 

Javier is currently a full-time consultant handling various land bank and real estate projects. He was the Strategic Planning and Business Development Officer at the ELRO Corporation. Prior to joining ELRO he was with the Everest Academy in Bonifacio Global City where he set up the school’s financial systems (Oracle and SAP), computer networks, hired a team of accountants and IT personnel and also served as Business Manager. Javier also continues to serve on the Boards of Aspace, Inc. and Hoppler Inc. 

He has also served as Chief Finance Officer of the UBix Corporation and for nine years he held various positions with Metro Pacific Corporation and the PLDT Group. He served as Chief Finance Officer, Technology Support Services Inc, a subsidiary of ePLDT, and as Vice President and Financial Controller of Fort Bonifacio Development Corporation.

After graduating from the University of Santo Tomas in Manila, he spent five years with the Audit Unit of Ernst & Young in Madrid and also worked for Servisair Iberica in Spain.

Peter D. Weldon

Weldon is an independent management, strategy, marketing, market research, media research and social research consultant. He has worked in Argentina, Australia, Brazil, Cambodia, China, Colombia, France, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Pakistan, Philippines, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand and Vietnam. His clients have included the Asia Business Council in Hong Kong, GfK Market Research of Germany, IMS Health of the U.S.A., Intage of Japan and VNU of the Netherlands.

He is a Director and also chairs the Audit Committee of The Brooker Group, a Thai public company offering investment banking and financial services. In the Philippines Weldon is an advisor to the Board of Dearborn Motors, the largest Ford dealership in the Philippines, and to Auto ZoomZoom, a Mazda agency. He was a founding Board member of EnergyAction (EAX), an Australian company operating in the energy services sector which went public in late 2011.

Formerly Executive Director Nielsen Asia and later as Vice President - Global Marketing at Nielsen, the world’s largest market research company with services in more than 100 countries, he had responsibility for developing global business and marketing strategies for the company’s 10 core businesses. From 1980 he was group managing director of the Survey Research Group in Asia, which in 1994 was acquired by Nielsen for $85 million, which at that time was the largest market research acquisition ever.

In addition to Nielsen and SRG, he has held positions with The Ford Foundation in Indonesia and Thailand and taught sociology at the University of Singapore. He was in the U. S. Army from 1959 to 1964. Weldon has lived and worked in Bangkok, Hong Kong, Jakarta, Manila and Singapore. He speaks Bahasa Indonesia, Filipino, Spanish and Thai. He has published many professional papers and has spoken at numerous international and regional conferences.

He has headed non-profit and voluntary organizations in Bangkok, Hong Kong and Jakarta. He was a Director for Asia of the Harvard Alumni Association from 2007-2012. He serves on the Executive Committee of the Harvard Club of Thailand and was previously Vice-President, Harvard Club of Hong Kong.

He studied Government at Harvard College, and holds master’s and doctoral degrees in Development Sociology from Cornell University. He is a Permanent Resident of Hong Kong and currently resides in Bangkok.