MANILA -- Development Bank of the Philippines (DBP) President and Chief Executive Officer (CEO) Cecilia Borromeo has been transferred back to the Land Bank of the Philippines (Landbank), wherein she served in different capacities for 28 years until 2017.
In an appointment paper dated February 15, 2019 and released to the media on Tuesday, February 19, Malacanang stated that Borromeo will now be part of Landbank’s Board of Directors, but stopped short of being more specific.
However, it also said that Borromeo will “serve the unexpired Term of Office” of Landbank President and CEO Alex V. Buenaventura, whose term started on July 1, 2018 and will end on June 30, 2019.
Borromeo served Landbank in several capacities, including as Officer-in-Charge from August to November 2016.
She was named DBP chief in January 2017.
Malacanang also appointed Philippine Guarantee Corporation President and CEO Emmanuel Guidote Herbosa as member of DBP’s Board of Directors.
There have been reports that Borromeo will begin her new job at Landbank on March 1 but Finance Secretary Carlos Dominguez III told journalists Wednesday that the transfer will “probably (be) at a later date.”
He added that the change in leadership in the two government financial institutions (GFIs) aims “to improve service to the public.” (PNA)
