DOF PR/PNA
MANILA — Finance Secretary Carlos Dominguez III has sworn into office on Friday Cecilia Borromeo as President-CEO of the Land Bank of the Philippines (LANDBANK), Emmanuel Herbosa as President-CEO of the Development Bank of the Philippines (DBP) and Alberto Francisco Pascual as President-CEO of the Philippine Export-Import Credit Agency (PhilEXIM), the Department of Finance (DOF) announced in a statement.
Borromeo returns to LANDBANK after leaving in 2016 as its officer-in-charge (OIC) to serve DBP as its President-CEO. She replaced Alex Buenaventura as head of LANDBANK.
Borromeo honed her banking and management skills in LANDBANK where she started her career in 1989. She rose through the ranks and served as LANDBANK’s Executive Vice President of its Agricultural and Development Lending Sector, where she managed the delivery of financial services for farmer organizations; micro, small and medium enterprises (MSMEs); local government units (LGUs), government-owned and -controlled corporations (GOCCs), private corporations, other financial institutions, and consumer clients.
She also supervised LANDBANK’s treasury, investment banking and global operations as Executive Vice President of its Institutional Banking Sector and performed oversight functions over LANDBANK subsidiaries LBP Insurance Brokerage, LBP Leasing Corporation, and Masaganang Sakahan, Inc.
A graduate of the Advanced Bank Management Program of the Asian Institute of Management, Borromeo also attended the International Study on Rural Banking and Finance at the Massey University in New Zealand. She is a graduate of the Pacific Rim Bankers Program of the University of Washington Executive Education Foster School of Business.
Herbosa was previously the President-CEO of PhilEXIM before taking over as head of DBP.
With 40 years of professional banking experience, he has served in various senior-level positions at the Bank of the Philippine Islands (BPI), Bank of Commerce, and Ayala Insurance, among other corporate institutions. He handled corporate banking, consumer banking, branch and overseas banking.
He was also a lecturer at the De La Salle University (DLSU) School of Business for its financial management and business, graduate business and MBA programs.
Herbosa received his Bachelor of Industrial Management Engineering degree from the DLSU and obtained his Master in Business Administration from the Wharton School, University of Pennsylvania.
Pascual took over the helm of PhilEXIM from Herbosa.
Pascual gained his vast management experience in the private sector, where he served as senior vice president of BPI’s corporate banking division and the retail mortgage division of BPI Family Savings Bank. He also held various senior-level and board positions in BPI where he started his career as a credit analyst in 1975.
Pascual has served as president of the Santiago Land Development Corp., and Board Independent Director of DM Wenceslao Associates Inc. He was also a consultant for the Advancing Philippine Competitiveness project of the United States Agency for International Development (USAID).
Under an executive order issued by President Duterte last year, the guarantee functions of the government are to be merged, with PhilEXIM as the surviving entity. As mandated under the EO, the merged entity is renamed Philippine Guarantee Corporation and will take over the guarantee functions, programs and funds of the Small Business Corporation, the administration of the Agricultural Guarantee Fund Pool and the Industrial Guarantee and Loan Fund.
