Bank of the Philippine Islands president TG Limcaoco has been elected to lead the Bankers Association of the Philippines (BAP) amid uncertainties brought about by elevated inflation and the banking crisis in the US and Europe.
“As our country faces renewed challenges from global economic headwinds, there is a call for us in the banking industry to be forces of stability and growth so that our economy will continue to progress,” Limcaoco said.
The BAP held its annual general assembly and elected a new set of officers Wednesday.
“Given the advocacies we have pursued throughout the years and our strong alliance with partners such as the Bangko Sentral ng Pilipinas, the Philippine banking industry continues to be in a strong position to withstand shocks and serve the needs of the Filipino public,” Limcaoco said.
Standard Chartered Bank CEO Lynette Ortiz was elected as first vice president, Rizal Commercial Banking Corp. president and CEO Eugene Acevedo as second vice president, UnionBank president and CEO Edwin Bautista as treasurer, and Bank of Commerce president and CEO Michelangelo Aguilar as secretary.
Limcaoco replaced East West Banking Corp. vice chairman Tony Moncupa Jr. who helped the organization pursue its advocacies to contribute to inclusive socio-economic development.
“The BAP is doing its part in the national effort for sustained growth. We have always been working towards better and more responsive financial services to support the economy and improve the lives of Filipinos,” Moncupa said.
“Better financial intermediation will make the economy more efficient by optimizing the allocation of debt capital, improving cost efficiency for financial services, and making financial services more responsive to the growing sophistication of households and businesses,” Moncupa added.
According to Moncupa, the organization continues to “make the banking system safer, more reliable, and more stable.”
“There have been a lot of activities in 2022, and the coming years promise to be as frenetic. However, we can continue to achieve greater milestones because of the support and guidance of our board of directors. Issues continue to be manageable because of the working committees who do the actual spade work,” Moncupa said.
