THE board of directors of the Development Bank of the Philippines (DBP) has elected former Land Bank of the Philippines (LandBank) officer in charge (OIC) Cecilia C. Borromeo as its president and CEO.
On January 4 the DBP board of directors elected Cecilia C. Borromeo as its president and CEO. Before that, Borromeo, along with Maria Lourdes A. Arcenas who is a DBP director, took their oaths of office as members of the DBP board before Finance Secretary Carlos G. Dominguez III at the bank’s head office in Makati City.
Since August last year, Borromeo, who has 27 years of banking experience, served as LandBank OIC. She joined LandBank in 1989 and rose from the ranks as a project assistant at its Program Management Department to later handle various core banking operations.
As EVP for the bank’s Agricultural and Development Lending Sector, Borromeo spearheaded the delivery of financial services for farmer organizations; micro, small and medium enterprises; local government units; government-owned and -controlled corporations; corporations, other financial institutions and consumer clients.
Recently, LandBank started offering unit investment trust fund products under the government’s personal equity and retirement account (Pera) program, this includes the LandBank Pera Money Market Fund and Bond Fund for peso-denominated accounts and the Pera Global Dollar Fund for US-dollar denominated accounts.
The Pera is a voluntary retirement account established through Republic Act 9505, or the Pera Law, which passed in 2008 to promote capital-market development and encourage retirement savings among more Filipinos.