Lessons Beyond the Classroom

Long before he became a finance professor at Illinois State University, Dr. Domingo Castelo Joaquin (“Deedo”) was a young high school graduate determined to study at De La Salle College. His years at La Salle in the 1970s coincided with one of the most transformative periods in Philippine history. Campuses across the country became centers of student activism, and La Salle was no exception. When the student council declared a boycott, students marched from Taft Avenue to Plaza Miranda to join demonstrations against social injustice.

One encounter has stayed with him for more than five decades. During one protest, a jeepney driver waved him over and quietly handed him some money. When Joaquin asked what it was for, the driver replied, “Salamat sa pagprotesta ninyo. Gusto ko ring sumali, pero kailangan kong magpasada.” The amount was only enough for merienda, but for Joaquin, it represented something far greater—it affirmed that their efforts mattered to ordinary Filipinos.

Inside the classroom, a turning point quietly unfolded

As an Economics major, Joaquin was mentored by an exceptional faculty, particularly Fr. Georges Piron, CICM, Prof. Edilberto Rodriguez, and Col. Candido Filio, who nurtured his passion for teaching and academic excellence.

Joaquin enjoyed giving class presentations, and so, when the opportunity arose, he volunteered to lecture on one topic in his advanced economics courses. Mid-semester in his junior year, before class started, he asked Fr. Georges Piron, his econometrics professor who also happened to be the President of the Philippine Economics Society, if he could lecture on the next topic, thinking that he might be scheduled for the following week. Instead, Fr. Piron opened the class by announcing, “Your classmate here wants to replace me and teach today’s lecture,” and handed him the floor. What began as an impromptu presentation led to his appointment as the department’s Econometrics tutor. He has since run weekly review sessions in Econometrics.

Recognizing his potential, Economics Department Chair Prof. Edilberto Rodriguez later awarded Joaquin a Teaching Assistantship, giving him the opportunity to experience teaching before entering the corporate world and further strengthening his commitment to academia.

Opening Doors to the World

With encouragement from Col. Candido Filio and endorsement from Br. Andrew Gonzalez FSC, the Economics Department recommended Joaquin for admission to the University of Pennsylvania, where he later earned his Ph.D. in Regional Economics, the same area of specialization that his faculty mentor, Col. Candido Filio, had, but at another institution, the Massachusetts Institute of Technology.

Arriving in the United States in 1978, Joaquin carried with him the perspective of a student activist. Yet he was struck by the warmth and generosity of the American people, an experience that taught him to distinguish between a country’s government and its citizens. The University’s diverse international community, which included many Filipino graduate students, made the transition to life in Philadelphia much easier.

His love for teaching continued abroad, leading him to teach at Drexel University, Temple University, St. Olaf College, and Hope College before joining Illinois State University, where he built a distinguished academic career teaching Corporate Finance and Financial Modeling.

Beyond the classroom, Joaquin established himself as a respected scholar. According to Google Scholar, his publications in Corporate Finance, Real Options, Simulation Modeling, Capital Budgeting, and Axiomatic Choice Theory have generated more than 700 citations, with one of his co-authored articles featured in two separate issues of The New York Times.

Back to the Roots

Joaquin’s journey, which started at De La Salle College 50 years ago, almost did not happen. After being admitted as a freshman, Joaquin applied for financial aid—but was denied because he didn’t meet the income test. “I wasn’t poor. But I certainly wasn’t wealthy.” Joaquin said. So, he kept returning to the Admissions Office to appeal, hoping someone would listen.

Br. Raymond Bronowicz FSC, then Director of Admissions and Financial Aid, noticed the determined young man who refused to give up. Moved by his persistence, he was eventually awarded a scholarship.

“He probably needs some aid—he keeps coming back.” Those few words from Br. Raymond changed the course of Domingo’s life.

He received a 50 percent tuition scholarship during his first year, which eventually became a full scholarship by his senior year. In addition, Joaquin received a Teaching Assistantship from the Economics Department. Looking back, Dr. Joaquin shared that that the opportunity La Salle gave him opened doors that would have otherwise remained closed.

Today, his gratitude has come full circle.

Through the Encarnacion Castelo Joaquin and Family Special Purpose Endowment Fund in Entrepreneurship, Dr. Joaquin and his family are helping nurture future generations of Lasallian entrepreneurs and innovators by supporting the development and publication of case and research materials for the Entrepreneurship and Social Innovation Program of the Ramon V. del Rosario College of Business (RVRCOB). The endowment reflects a belief that opportunities should never depend solely on circumstance but should also be made possible through the generosity of those who have benefited from them.

“La Salle has been good to me. It shaped my education, my career, and my family’s story.”

For Dr. Joaquin, giving is more than an act of generosity—it is a way of honoring the institution that believed in him before the world recognized his potential.

Today, Dr. Joaquin enjoys retirement in Bloomington, Illinois, where he lives with his wife, Victoria. They spend frequent stretches in Chicago, Illinois visiting their two children and their two‑month‑old grandchild, all while continuing to support the next generation of Lasallians through his family’s endowment.