DBP, Landbank reshuffle top management

The reshuffling of top officials at two government financial institutions was aimed at improving these lenders’ services, according to the head of the Duterte administration’s economic team.

Finance Secretary Carlos G. Dominguez III told finance beat reporters in a Viber message Wednesday that President Duterte’s appointment of Cecilia C. Borromeo to the board of state-run Land Bank of the Philippines (Landbank) and Emmanuel G. Herbosa’s appointment to the Development Bank of the Philippines (DBP) board would “improve service to the public.”

Borromeo was DBP president but had also worked at Landbank. Herbosa earlier served as president and chief executive officer of Philippine Guarantee Corp.

Borromeo and Herbosa were earlier rumored to be appointed as heads of Landbank and DBP, respectively.

Borromeo will serve the unexpired term of Landbank president and chief executive Alex V. Buenaventura that started on July 1, 2018, and will end on June 30, 2019.

Meanwhile, Herbosa will serve Borromeo’s unexpired term at DBP, also until June 30 this year.

It was unclear what will happen to Buenaventura.

Asked if Borromeo’s return to Landbank will be on March 1, as rumored, Dominguez replied, “probably at a later date.”

In a text message to reporters, Buenaventura thanked Dominguez and President Duterte for the opportunity to serve the country for more than two years.