Philippine Bank of Communications recently named Eric Recto its new chairman while his uncle Roberto Ongpin remains co-chairman.
The election of Recto as bank chairman, concurrent to his post as president of oil refiner Petron Corp., suggests that Ongpin will relegate to his nephew more responsibilities particularly in setting the bank’s strategic direction.
Recto used to be the vice chairman of PBCom while Ongpin chaired the board.
Recto started his professional career at SyCip Gorres Velayo & Co. as a senior consultant. He later moved to Bankers Trust Co. where he served as vice president for corporate finance in Manila and vice president for asset finance group in Hong Kong. He had likewise worked at Belle Corp. and Alaska Milk Corp.
Recto joined government service in 2002 and remained member of the central bank board of liquidators and as undersecretary of finance up to 2005.
From 2005 to 2010, he served as independent director of Philippine National Bank (and for a time chaired its executive committee).—Doris C. Dumlao