Former BPI COO sworn in as DBP president

MANILA, Philippines—The Development Bank of the Philippines has a new president.

Gil A. Buenaventura, a veteran banker who served as chief operating officer of Bank of the Philippine Islands, was sworn in on Tuesday, as the new president of government-owned DBP. His appointment officially will start on October 22.

Buenaventura is replacing Francisco F. del Rosario, who earlier said he was resigning due to health reasons.

“Buenaventura said he is grateful for the opportunity to work in the public sector and is challenged to serve in government,” DBP said in a statement issued on Tuesday.

The newly appointed head of DBP was sworn in by Energy Secretary Jose Rene Almendras in a ceremony held at the headquarters of DBP in Makati City.

Immediately prior to his appointment to DBP’s top post, Buenaventura was the COO of the BPI, where he also previously worked as head of corporate banking.

He used to be president of the Prudential Bank until it was acquired by the BPI in 2005. He is said to have played a major role in the acquisition.

“He was instrumental in leading one of the quickest integration exercises in BPI and in the history of the banking industry,” DBP said.

After getting his bachelor’s degree in economics from the University of San Francisco in 1973, Buenaventura started a career in banking in the same year as a trainee in Chemical Bank and the First National City Bank, both based in the United States.

He also got an MBA in Finance degree, from the University of Wisconsin, in 1975.

Buenaventura held several other positions in various units of BPI. He served as chairman of the boards of BPI Bancassurance Inc., Citytrust Realty Corp., BPI Rental Corp., BPI International Finance Ltd., BPI Express Remittance Corp., Pilipinas Savings Bank Inc., BPI Computer Systems Corp., BPI Direct Savings Bank Inc., Citytrust Securities Corp., Ayala Life Assurance Inc., and Ayala Plans Inc. He was also a member of the board of trustees of BPI Foundation Inc.