Bernardo quits board of listed firms

ROMEO L. Bernardo has stepped down as director of listed companies after his appointment to the central bank’s monetary board.

In separate regulatory filings on Monday, listed firms Monde Nissin Corp., Aboitiz Equity Ventures, Inc. (AEV), and Bank of the Philippine Islands (BPI) disclosed the resignation of Mr. Bernardo effective Sept. 12, 2023.

Mr. Bernardo is a lead independent director at AEV, an independent director at Monde Nissin, and a director at BPI. The bank, along with Monde Nissin, said his replacement will be elected by their board of directors in due course.

On Saturday, the Presidential Communications Office named Mr. Bernardo, a former Finance undersecretary, as a new member of the policy-making body of the  Bangko Sentral ng Pilipinas (BSP), along with National Treasurer Rosalia V. de Leon.

Their appointment will bring to six the current members of the Monetary Board. A seventh member has yet to be named. BSP Governor Eli M. Remolona, Jr. chairs the board, with Finance Secretary Benjamin E. Diokno, Bruce J. Tolentino, and Anita Linda R. Aquino as the other board members.

Three seats were vacated when the terms of former BSP governor Felipe M. Medalla, Antonio S. Abacan, Jr. and Peter B. Favila expired in July.

In its annual report, BPI described Mr. Bernardo as the founder of his consultancy practice, Lazaro Bernardo Tiu & Associates in 1997. He has also been an advisor to various multilateral institutions and has worked with government institutions and the National Economic and Development Authority in policy matters involving pension reform, capital markets reform, and fiscal and debt management.