MANILA, Philippines – The board of directors of state-owned Development Bank of the Philippines (DBP) elected veteran banker and former Land Bank of the Philippines (Landbank) officer Cecilia Borromeo as its president and chief executive officer (CEO).
The DBP said Borromeo took her oath of office as a member of the DBP board of directors before Finance Secretary Carlos Dominguez III at the bank’s head office in Makati City last week.
Borromeo replaced Gil Buenaventura, who has been serving as president and CEO of Rizal Commercial Banking Corporation since July 1, 2016.
Borromeo, who had served since August last year as Landbank officer-in-charge, has 27 years of banking experience.
She joined Landbank in 1989 and rose from the ranks as a project assistant at its Program Management Department to later handle various core banking operations.
Borromeo then became executive vice president, first for Landbank’s Institutional Banking and Subsidiaries Sector in 2009, and later for its Agricultural and Development Lending Sector in 2012.
Under her leadership, the DBP said Landbank’s agricultural lending sector achieved an 89% total loan portfolio growth from P233.1 billion in July 2012 to P421.5 billion in June 2016.
Borromeo also managed the bank’s treasury and investment banking operations, which covers foreign exchange and foreign securities investment portfolios.
Landbank is also a government-owned institution. – Chrisee Dela Paz/Rappler.com