DBP chief transferred to Landbank in reshuffle
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Wed, 20 Feb 2019 16:17:56 +0000
President Rodrigo Duterte has appointed new board members for Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) amid a leadership reshuffle at government financial institutions.
In appointment papers dated February 15, 2019 and released to the media on Wednesday, Duterte named DBP President and Chief Executive Officer (CEO) Cecilia Borromeo as a member of Land Bank’s board of directors.
She will, however, also be serving the unexpired term of Land Bank President and CEO Alex Buenaventura that started on July 1, 2018 and will end on June 30, 2019.
Borromeo’s term at the DBP, which also started on July 1, 2018 and will end on June 30, 2019, will be served by current Philippine Guarantee Corp. President and CEO Emmanuel Herbosa, who was also appointed as board member of DBP.
It was unclear when Borromeo would assume office, specifically the one held by Buenaventura.
The departing Landbank chief declined to say why he was leaving, only telling reporters that he wanted to thank “Sec. [Carlos] Sonny Dominguez [3rd] and President Rody for the opportunity to serve our country for more than two years.”
He was appointed in November 2016.
Borromeo previously served as Landbank officer-in-charge from August to November 2016.
Amid reports that she would assume office on March 1, Dominguez said the Landbank leadership change would “probably [be] at a later date”, adding that the reshuffle was meant to “to improve service to the public.”
WITH A REPORT FROM PNA
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