Development Bank of the Philippines president and chief executive Cecilia Borromeo was named the new head of Land Bank of the Philippines in place of Alex Buenaventura.
Finance Secretary Carlos Dominguez III on Wednesday confirmed the latest appointments in the two state-owned banks.
When asked if Borromeo would be transferring from DBP to Land Bank effective March 1, Dominguez said, “Probably at a later date.”
Reports said Philippine Guarantee Corp. president and chief executive Emmanuel Herbosa would transfer to DBP in place of Borromeo.
It is not clear if Buenaventura would be assigned to another post after his stint in Land Bank.
Borromeo was previously an executive vice president for agriculture and development lending sector at LandBank before her assignment at DBP. She also served as the treasurer of Victorias Milling Co. Inc.
Herbosa is an experienced banker, with a solid 40 years of professional banking under his name. He held senior officer responsibilities handling corporate banking, consumer banking, branch and overseas banking in reputable local financial institutions such as the Bank of the Philippine Islands and Bank of Commerce, where he served as the executive vice president.
Herbosa was also the chief operating officer of Ayala Insurance, a unit of Ayala Group. He graduated with a baccalaureate degree in Industrial Management Engineering from the De La Salle University and a Master’s in Business Administration from the Wharton School, University of Pennsylvania.