DEVELOPMENT BANK of the Philippines (DBP) President and Chief Executive Officer Cecilia C. Borromeo is set to take the helm of state lender Land Bank of the Philippines (LANDBANK) “very soon.”
This was confirmed by incumbent LANDBANK President and CEO Alex V. Buenaventura, who said he will step down from his position “at the pleasure of President Rody,” referring to President Rodrigo R. Duterte.
“Cecil Borromeo (will take over) upon her oath-taking to be conducted by [Department of Finance Secretary Carlos G.] Dominguez very soon,” Mr. Buenaventura said in a text message yesterday.
Mr. Buenaventura said he will go back to Davao to manage the hotel and restaurant business of his family.
Ms. Borromeo is expected to be the new LANDBANK chief after she was appointed as a member of LANDBANK’s board of directors, according to documents released by the Presidential Communications Office on Tuesday.
She will “serve the unexpired term of office that began on 01 July 2018 and will end on 30 June 2019, vice Alex V. Buenaventura,” the documents showed.
Philippine Guarantee Corp. President and CEO Emmanuel G. Herbosa was appointed as a board member of DBP to replace Ms. Borromeo, whose term ends on June 30.
Sought for comment, Mr. Dominguez said Ms. Borromeo will transfer to LANDBANK “probably at a later date.”
He said there will be a reshuffling among heads of state-owned lenders “to improve service to the public.”
Ms. Borromeo worked for LANDBANK for 27 years before her appointment as the president and CEO of DBP in January 2017. She has a degree in Agribusiness from the University of the Philippines and a Master’s degree in Business Administration from the De La Salle Business School. — Karl Angelo N. Vidal