Two well-placed sources at the Development Bank of the Philippines (DBP) told the Inquirer that a certain “Mike” will soon take the helm of the state-owned financial institution, replacing professional banker Emmanuel Herbosa, whose term ends this year, as president and chief executive officer.
One of the two sources said that the paperwork has already been signed, but that the formal announcement has yet to be made.
If true, “Mike” will have big shoes to fill after executives of the development bank managed to sustain steady growth in the last two years, leading to a strong recovery coming from a notable decline in its net income during the global outbreak of the coronavirus disease in 2020.
The DBP had a net income of P5.57 billion in 2019, P3.49 billion in 2020 and P3.56 billion in 2021.
As of the third quarter of the year, it has recorded a net income of P5.35 billion.
—Alden M. Monzon
Best in research
Stockbrokerage firm Regina Capital Development Corp. was recently hailed the best research house in the Philippines for 2022 by Global Banking and Finance Review (GBF), a leading online and print magazine based in the United Kingdom.
GBF is a finance platform, which focuses on giving out banking, brokerage and forex content, among others, to keep the global financial community updated with market views. In 2011, the company started to recognize and honor “progressive” firms in the financial sector.
That’s hardly a surprise as, for over 30 years, Regina Capital has built a solid reputation among its clients, delivering comprehensive reports and investment recommendations. The group is dedicated to providing market briefings and keeping up with the current trends to aid in clients’ investment decisions.
In a note to its loyal clients, Regina Capital described 2022 as having been “challenging for the securities industry, to say the least” and proceeded to thank them for their trust and loyalty.
“Best believe, we will continue to seek for excellence in the coming years, and our team will always be committed to work in your best interest,” the firm said.
—Daxim L. Lucas
Miners planting trees
Nickel miners have mitigated the impact of their operations on the environment by planting 10.75 million trees—or one tree planted every two minutes—in the past decade.
The Philippine Nickel Industry Association (PNIA) said this covers more than 5,300 hectares of land across various parts of the Philippines or roughly 33 times the area of Quezon City.
It used more than 80 varieties of vegetative, indigenous and endemic species for reforestation like narra, mahogany, ipil-ipil, “Palawan cherry,” “langka,” “caballero” and rambutan.
“We are all committed to the protection and preservation of the environment through initiatives that showcase our solid commitment towards responsible nickel mining,” said PNIA president Dante Bravo.
PNIA said this undertaking was part of government-mandated Environmental Protection and Enhancement Programs.
The group earmarked P543 million for environmental programs in the past year alone, and focused on research to improve saplings’ survival rates.
It also cultivated income-generating crops to provide livelihood opportunities for host communities.