June 8, 2026 Leadership That Inspires Confidence: Meet Raymond N. Davis, Chairman of the Board of iCare
Strong governance begins with experienced leadership.
Following his appointment as Chairman of the Board on May 29, 2026, iCare is pleased to introduce Raymond N. Davis to its members, clients, healthcare providers, business partners, and the broader public.
A respected investment banker, corporate adviser, and restructuring specialist, Mr. Davis brings nearly five decades of international experience advising multinational corporations, financial institutions, governments, and business leaders through some of the world’s most significant corporate transactions and organizational transformations.
His appointment reflects iCare’s continuing commitment to sound corporate governance, strategic leadership, and sustainable long-term growth as the Company continues to strengthen its position among the Philippines’ leading Health Maintenance Organizations.
A Distinguished Global Career
Mr. Davis currently serves as Chairman of Mabuhay Capital Corporation, an investment banking firm providing strategic advisory, mergers and acquisitions, restructuring, and corporate finance services.
Prior to establishing Mabuhay Capital, he spent more than two decades on Wall Street, serving in senior leadership positions at two of the world’s most prominent investment banks.
As a Managing Director at Credit Suisse First Boston, he advised clients on mergers and acquisitions, distressed finance, leveraged finance, and corporate restructuring across Asia, Europe, and North America. Earlier, he led Lehman Brothers’ Restructuring Group, where he advised companies facing complex financial and operational challenges while also holding leadership roles within the firm’s Oil and Gas and Project Finance Groups.
Throughout his career, Mr. Davis has advised organizations across a broad range of industries, including banking, healthcare, utilities, telecommunications, aviation, infrastructure, manufacturing, automotive, energy, steel, retail, and cement. His experience spans Asia, Europe, North America, Latin America, Canada, and the Middle East.
Trusted Adviser to Governments and Institutions
Beyond the private sector, Mr. Davis has also made significant contributions to public policy and government initiatives.
He served as adviser to the Philippine Department of Finance on the privatization and restructuring of government-owned entities under a USAID-supported program. Earlier in his career, he worked with the United States Department of Energy during the energy crisis of the late 1970s and served as a Peace Corps volunteer in Ecuador, helping develop power generation and electrical distribution infrastructure for local communities.
These experiences have shaped a leadership philosophy grounded in accountability, disciplined decision-making, and long-term value creation.
Strengthening Governance at a Defining Moment
Mr. Davis assumes the chairmanship at an important milestone in iCare’s continuing evolution.
Today, iCare ranks among the Philippines’ top three Health Maintenance Organizations in terms of membership fee revenue, reflecting the confidence that employers, organizations, and individual members continue to place in the Company. As iCare continues to serve more Filipinos, strong corporate governance, disciplined oversight, and long-term strategic leadership become increasingly important.
As Chairman, Mr. Davis leads the Board of Directors in providing strategic oversight and guidance to support iCare’s long-term vision and governance priorities.
While the Company’s experienced Philippine executive management team continues to oversee day-to-day operations, the Board plays a critical role in providing independent oversight, ensuring responsible governance, effective risk management, and sustainable long-term growth in the best interests of members, clients, healthcare providers, employees, shareholders, regulators, and the broader community.
His appointment reflects iCare’s commitment to maintaining a governance framework that meets the expectations of a leading healthcare organization operating in a highly regulated and rapidly evolving industry.
Academic Excellence
Mr. Davis’s professional accomplishments are complemented by an equally distinguished academic background.
He earned a Bachelor of Science in Mechanical Engineering from the University of Pennsylvania, a Master of Business Administration from Temple University, and a Doctorate in Business Administration from Indiana University. He has also served on the faculty of the Schools of Business Administration at Emory University and Temple University, reflecting his commitment to developing future business leaders.
A Shared Vision for the Future
Commenting on his appointment, Mr. Davis said:
“Healthcare is built on trust. Strong governance helps preserve that trust by promoting accountability, sound decision-making, and a long-term perspective. I am honored to serve as Chairman of iCare and to work alongside the Board and management as the Company continues to strengthen its capabilities and expand access to quality healthcare for more Filipinos.”
iCare President and CEO Geronimo “Ronnie” V. Francisco welcomed Mr. Davis’s appointment, saying:
“Ray’s global experience, strategic insight, and governance expertise will be invaluable as iCare continues to build on its strong foundation. His leadership further strengthens our commitment to responsible governance while advancing our mission of delivering better healthcare outcomes for our members and clients.”
Leading with Governance, Serving with Purpose
With more than three decades of serving Filipinos and now ranked among the Philippines’ top three Health Maintenance Organizations in terms of membership fee revenue, iCare remains committed to delivering accessible, quality healthcare while upholding the highest standards of corporate governance, operational excellence, and ethical business conduct.
Under the leadership of Chairman Raymond N. Davis and the Board of Directors, iCare will continue to pursue sustainable long-term growth while creating lasting value for its members, clients, healthcare providers, employees, shareholders, and the communities it serves.
As iCare looks to the future, the Company remains steadfast in its purpose: to earn the trust of every stakeholder through responsible leadership and to enable Filipinos to say yes to better health for generations to come.
