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September 24, 2023

New DBP independent director named

Development Bank of the Philippines led by bankero Emmanuel Herbosa has named Consuelo Padilla as a member of the bank’s Board of Directors.

Padilla replaced Rafael Reyes who was appointed last July 1, 2021.

Padilla will serve the unexpired term of Reyes that is scheduled to end on June 30 this year.

Padilla is on the board of PTFC Redevelopment Corp. Prior to this appointment, Padilla also served as vice president-treasury and metals risk management at Philippine Associated Smelting & Refining Corp. and research assistant-CIDA projects at Asian Institute of Management (AIM).

She also served chair person of the Landbank Countryside Development Foundation Inc. (LCDFI).

Earlier, Malacañang named former Subic Bay Metropolitan Authority (SBMA) chair and administrator Wilma Eisma as a member of the Board of Directors of DBP.

Eisma took her Oath of Office last March 1 and assumed office last March 2.

Both Padila and Eisma are independent and non-executive directors of the state-run bank.

Eisma stepped down as head of SBMA last March 1 after leading the agency for five years.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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