THE board of directors of the Development Bank of the Philippines (DBP) said it has elected veteran banker Cecilia Borromeo, former officer-in-charge of state-run Land Bank of the Philippines, as DBP’s new president and chief executive officer.
Before her election as DBP president and CEO, Borromeo took her oath of office as member of the DBP board of directors before Finance Secretary Carlos Dominguez 3rd at the bank’s head office in Makati City. Maria Lourdes Avancena Arcenas also took her oath as a DBP board member, along with Borromeo.
Borromeo, who had served since August last year as OIC of LandBank, has 27 years of banking experience.
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, and become its executive vice president (EVP), first for the bank’s Institutional Banking and Subsidiaries Sector in 2009, and later for its Agricultural and Development Lending Sector in 2012.
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 (MSMEs); local government units (LGUs); government-owned and -controlled corporations (GOCCs), corporations, other financial institutions and consumer clients.
Under her leadership, the bank’s agricultural lending sector achieved 89 percent growth in total loan portfolio from P233.1 billion in July 2012 to P421.5 billion in June 2016.
She also supervised treasury and investment banking operations, which covers the management of the bank’s foreign exchange and foreign securities investment portfolios.