The association of the Credit Executives was initially and officially registered with the Securities and Exchange Commission on November 14, 1976 as the Philippine Association of Hotel Credit Managers. It was registered as non-profit, non-stock corporation whose main objectives, among others, were to professionalize the stand of the Hotel Credit Managers through active exchange of credit information that is vital to the hotel industry.
In 1975, there were already a small group of hotel credit managers exchanging information on skippers and delinquent accounts. They were Ado Antonio, Yohlie Jarlego, Willie Hernandez and Remy Bondoy. These credit managers worked for Philippine Village, Hyatt Regency, Hotel Intercontinental and Manila Hilton. In January 1976, the group grew into a moderate size and decided to formalize their organization. Thus, then the Philippine Association of Hotel Credit Managers came into existence.
The Charter members were:
Ado Antonio - Philippine Plaza
Remy Bondoy - Manila Hilton
Willy Hernandez - Hotel Intercontinental
Yohlie Jarlego - Hyatt Regency
Bobby Monteiro - Manila Hotel
Caloy Rivera - Century Park Sheraton
Danny Santos - Manila Mandarin
Ado Antonio and Yohlie Jarlego were Charter President and Secretary, respectively. Information regarding the respective offices and designations of the other Charter Members were not immediately available. Drafting of the Association's Constitution and By-Laws was done by its lone legislator and lawyer, Atty. Conrado "Ado" Antonio. He was warmheartedly elected and re-elected as President by the general membership for seven long years. In 1983, Ado begged off from the position only to become the Honorary Chairman of the Board, to give way to others in leading the association. Jose Carlos dela Pena, Credit Manager of Holiday Inn, became the President.
In 1984, with the leadership of Danny Santos, Credit Manager of Century Park Sheraton, the organization decided to recognize the American Express, Bank of America and Diners Club as official members. It was then that the Philippine Association of Hotel Credit Managers was changed to Association of Credit Executives in the Tourism Industry (ACETI). In mid 1987, RCBC Card, Citibank and Equitable Bank were accepted and recognized as new members. Hongkong and Shanghai Banking Corp. joined in April 1989.
For the past several years, the association had undertaken various projects and activities. A variety of speakers who were considered authorities in their respective fields were invited during seminars sponsored by the association. For the first thirteen years stint of the association, some of the more renowned speakers were: Supreme Court Justice Antonio Barredo, Bank of America Vice President Bob Roth, US Embassy Consul Joseph Mussomelli, PTAA President Ermin Garcia and Deputy Minister of Tourism Sostenes Campillo.
With the advantages and benefits provided by the association to its members, there is no doubt that the Philippine Association of Hotel Credit Managers, now popularly known as Association of Credit Executives in the Tourism Industry (ACETI) would further grow in membership, its aims and ideals intensified in the decades to come.