Borromeo is new LandBank president
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Fri, 01 Mar 2019 17:47:52 +0000
Cecilia Borromeo, the former Development Bank of the Philippines (DBP) chief, is the new president of Land Bank of the Philippines (LandBank).
In a statement, LandBank announced that Borromeo took her oath on Friday as its 10th president and chief executive officer (CEO).
Borromeo was transferred to LandBank from the DBP last February 15 by President Rodrigo Duterte.
She replaces Alex Buenaventura who served as LandBank president since November 11, 2016.
Borromeo will serve Buenaventura’s unexpired term, which will end on June 30, 2019.
She was said to have been sworn in by Finance Secretary and LandBank Chairman Carlos Dominguez 3rd during a special board meeting at the the bank’s head office in Malate, Manila.
“Borromeo rejoined LandBank as its second woman President on March 1, which incidentally starts the celebration of Women’s Month. She is also the second in career position to take the reins of LandBank,” the lender said.
Borromeo previously served as LandBank officer-in-charge from August to November 2016.
Meanwhile, new heads for DBP and Philippine Export-Import Credit Agency (PhilExim) also took their oaths of office on Friday.
In a statement, the Department of Finance said that former Philippine Guarantee Corp. President and CEO Emmanuel Herbosa was also sworn in as DBP chief.
Alberto Francisco Pascual Pascual, meanwhile, took over the helm of PhilExim from Herbosa.
The Finance department pointed out that under an executive order (EO) issued by Duterte last year, the guarantee functions of the government would be merged with PhilExim as the surviving entity.
“As mandated under the EO, the merged entity is renamed Philippine Guarantee Corp. and will take over the guarantee functions, programs and funds of the Small Business Corp., the administration of the Agricultural Guarantee Fund Pool, and the Industrial Guarantee and Loan Fund,” it said.
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