LAND Bank of the Philippines’ (LandBank) first ever woman president and chief executive officer Gilda Pico on Friday stepped down, ending her 10-year term as head of the state-owned bank after its board held its first meeting under the Duterte administration.
Pursuant to Memorandum Circular 1 issued by the Office of the President, Pico’s 10-year term as president of LandBank has ended when it was not renewed by the new set of directors.
During Friday’s board meeting, LandBank’s directors appointed Vice President Andres Sarmiento as Officer-in-Charge effective July 14, 2016.
“Pico served LandBank for 35 years and was the bank president for 10 years. She was the first woman president and chief executive officer of LandBank and the first Landbanker in career position to be appointed as head of the institution,” the LandBank statement read.
Pico is a Certified Public Accountant and earned her Bachelor of Commerce degree from the College of the Holy Spirit. She also attended the Masters in Business Administration Program at the University of the East.
For the past four years, LandBank was the highest cash dividend remitter to the national government as its way of “contributing revenue generation initiatives for the expansion of development projects and social services.”
LandBank registered steady growth in net income from P8.06 billion in 2010 to P13.3 billion in 2015. Over the same period its assets expanded to P1.28 trillion from P569 billion, and deposits rose to P1.13 trillion from P44.5 billion.
Under her watch, LandBank bagged numerous local and international awards including the “Bank of the Year” award for the Philippines in 2014 by The Banker, the world’s leading monthly journal of records and considered as the Oscars of the banking industry.
Under her term, she focused on expanding the bank’s credit outreach to its priority sectors, primarily farmers and fishers, microenterprises and small and medium enterprises, rural banks, and agriculture.
She also introduced major system innovations and strategic partnerships that contributed to the bank’s support for the national government’s centerpiece development programs and platforms for inclusive growth, LandBank said.