UNITED Coconut Planters Bank (UCPB) President and CEO Higinio O. Macadaeg, Jr. has resigned for “personal reasons,” the state lender said in an emailed statement on Friday.

His resignation will take effect once accepted by President Rodrigo R. Duterte.

“UCPB would like to assure its clients and other stakeholders that there are procedures in place to ensure an orderly transition,” UCPB spokesperson Rona Gorayeb-Velasco said in the statement. “The bank will continue to provide and deliver its services to the public.”

Mr. Macadaeg was named UCPB president in 2016. — Beatrice M. Laforga

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