MANULIFE Philippines has appointed a new president and CEO.

THE LOCAL UNIT of Canada-based Manulife Financial Corp. has appointed a new top official.

In a press release on Wednesday, Manulife Philippines appointed Richard Bates as its new president and chief executive officer, effective Aug. 5.

He replaced Ryan Charland who is stepping down from his post after a five-year stint in the country. Mr. Charland has been assigned to Manulife’s Indonesia unit.

According to the press release, Mr. Bates is a finance veteran, with a background in advancing insurance penetration in emerging markets in Asia.

Before he was appointed to head Manulife Philippines, Mr. Bates was responsible for Asian operations of a private equity fund focusing on start-ups.

“With its young and dynamic population and its promising economic growth prospects, the Philippines is one of Asia-Pacific’s most exciting markets for life insurance and investments,” the statement quoted Mr. Bates as saying.