Lynette Ortiz –PHOTOS BY EUGENE ARANETA
Veteran banker Lynette Ortiz, the 11th president and CEO of Land Bank of the Philippines (Landbank), had built a thriving career as a global banker before heeding the call of public service. In 2023, she stepped down as the first Filipino CEO of Standard Chartered Bank Philippines to lead Landbank in implementing strategies that align with the developmental objectives of the national government.
Under her auspices, Landbank is refining its operations, embracing new strategies and expanding its product suite, while remaining true to its social mandate. Among all banks in the country, it has the largest portfolio devoted to agriculture, fisheries and rural development, amounting to P732 billion as of end-September.
Record-high
Earlier this year, Landbank remitted to the government a record-high P32.12 billion in cash dividends, toppling the contribution of any other government-led corporation.
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After all, the bank, the second largest in the country (with its assets of more than P3.3 trillion) ended the past year with an all-time high net income of P40.3 billion, up 34 percent from the previous year.
As mandated by the new law creating a sovereign wealth fund, Landbank has likewise contributed P50 billion in capital to set up Maharlika Investment Fund, which is envisioned to catalyze key infrastructure and social development projects.
Financial inclusion
Lynette Ortiz –PHOTOS BY EUGENE ARANETA
Digitalization is also a key priority for Ortiz as a way to deepen financial inclusion. The bank facilitated 111.4 million digital banking transactions from January to September this year, up 68 percent from last year.
This is while expanding its brick-and-mortar presence to reach remote areas. It is the only bank present in all 82 provinces of the country, operating in 1,449 cities and municipalities through its 606 branches and branch-lite units, 60 lending centers, 3,122 automated teller machines and 232 cash deposit machines.
Career path
Ortiz graduated cum laude with a degree in Bachelor of Arts in Economics from the University of the Philippines. She briefly worked in retail banking at Citibank Philippines before heading to New York to pursue her Master of Business Administration degree, majoring in finance and investments at the City University of New York, Baruch College.
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She was hired by Citibank in New York to scrutinize the risk exposure of treasuries in Latin America, but later on, returned to the Philippines for the sake of her young family. She had also worked at the Bank of the Philippine Islands, Banco Santander and HSBC before joining Stanchart, where she served as Philippine CEO for more than six years.
Accolades
Within just a year since assuming the top post at Landbank, Ortiz’s leadership hasn’t gone unnoticed. At the Asia CEO Awards 2024, Landbank was hailed as “Governance Organization of the Year” for sustainable finance road map and technology company of the year for agent banking and digital onboarding system.
Landbank head office was also a recipient of the Anti-Red Tape Authority Report Card Survey Gold Award for achieving an “excellent” rating and for exemplary compliance with the Ease of Doing Business Law.
Other citations so far are:
- Most Innovative Banking Application at the 2024 International Finance Awards for its mobile banking app;
- Among the top 3 “Best Local House” in secondary market for government bonds and “High Commendations” as “Top Investment House” in the local currency bond market; and,
- One of seven Philippine companies and the only government institution to make it to the prestigious list of “Best Employer in the Philippines” for 2024 by Forbes Magazine
- Among Fortune’s 100 Most Powerful Women in Asia for 2024, Ortiz is the only one from the government sector and the only bank president from the Philippines.
A strong advocate for diversity and inclusion, Ortiz was likewise named United Nations 2021 Philippine Women’s Empowerment Principles Awards Champion for Leadership Commitment, for her role in setting strong corporate commitments and inclusive leadership. INQ