Jose Teodoro “TG” Limcaoco
MANILA -Bank of the Philippine Islands CEO Jose Teodoro K. “TG” Limcaoco was appointed the next president of the Bankers Association of the Philippines, the umbrella group comprised of the country’s biggest private and government lenders.
He replaces East West Banking Corp. vice chair Antonio C. Moncupa Jr.
“I am thankful for the trust that BAP members have placed in me to lead the organization into greater heights,” Limcaoco said in a statement on Wednesday.
“As our country faces renewed challenges from global economic headwinds, there is a call for us in the banking industry to be forces of stability and growth so that our economy will continue to progress,” he added.
During the general assembly on March 29, BAP members elected a new set of officers for the term 2023-2024.
The newly-elected BAP officers include Standard Chartered Bank CEO Lynette V. Ortiz, first vice president; Rizal Commercial Banking Corp. CEO Eugene S. Acevedo, second vice president; Union Bank of the Philippines CEO Edwin R. Bautista, treasurer and Bank of Commerce CEO Michelangelo R. Aguilar, secretary.
“Given the advocacies we have pursued throughout the years and our strong alliance with partners such as the Bangko Sentral ng Pilipinas, the Philippine banking industry continues to be in a strong position to withstand shocks and serve the needs of the Filipino public,” Limcaoco said.
During his general assembly speech, Moncupa highlighted the banking organization’s efforts to promote “inclusive socio-economic development”.
“The Bankers Association of the Philippines is doing its part in the national effort for sustained growth. We have always been working towards better and more responsive financial services to support the economy and improve the lives of Filipinos,” Moncupa said.
Their various programs include improving payments infrastructure, supporting legislation to promote “market-determined resource allocation”, and close partnership with regulators on open finance, data privacy and to better streamline banking reports via the “ongoing API-XML project”.
“Better financial intermediation will make the economy more efficient by optimizing the allocation of debt capital, improving cost efficiency for financial services, and making financial services more responsive to the growing sophistication of households and businesses,” Moncupa said in the statement.