Having worked for 3 large business conglomerates, I've observed that:

1. The OWNERS themselves do not have MBAs but have successfully built their businesses into a billion-peso enterprise.

2. The people they hire with MBAs are mostly those who they thrust into Finance or Business Development roles. Or, those who prepare reports for P&L and those who conceptualize what project to do next.

3. It's still those employees or their people who have the ability to think out-of-box who are put in higher positions and have greater responsibility and these guys, more often than not, do not possess an MBA.