DBP chief resigns, cites health issues

Does the resignation of Development Bank of the Philippines president and CEO Francisco "Popoy" F. del Rosario have anything to do with his alleged tiff with DBP chairman Jose Nuñez?

MANILA, Philippines – State-run Development Bank of the Philippines (DBP) president and CEO Francisco “Popoy” F. del Rosario, Jr. has resigned, citing health issues.

President Aquino has accepted Del Rosario’s resignation, which was dated June 13, “on July 4,” according to Deputy Presidential Spokesperson Abigail Valte.

Del Rosario’s resignation will be effective September 2012. Valte did not say who will replace him. “We will make the announcement at the proper time,” she said.

Del Rosario told reporters he resigned after he was “advised to slow down because of health issues.” He’s 65.

He replaced Reynaldo David as DBP president in September 2010. He was previously the president and CEO of listed firm Roxas & Co.

Talks of his resignation have been making the rumor mill in previous months. His tiff with DBP chairman Jose “Pepo” Nuñez has been cited as reason.

Their tiff has been apparent since the controversy on the loans extended by the bank during the term of David to the group of businessman Roberto “Bobby” Ongpin cropped up in 2011.  

Nuñez had taken a hard stance during the internal investigations on the loans to Ongpin group, but Del Rosario wanted a more directed approach to cushion the bank employees from the controversy amid a low morale then.

The bank’s internal investigations had led to the suicide of a mid-level bank lawyer, which in turn led to a Senate investigation on how the bank had handled the loan. – Rappler.com

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