Published January 06, 2017
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State-owned Development Bank of the Philippines (DBP) has named former Land Bank of the Philippines officer in charge (OIC) Cecilia Borromeo as its new chief executive officer and president to take effect on January 9, 2016. The veteran banker was sworn in earlier by Finance secretary Carlos Dominguez III at the DBP headquarters in Makati City, an announcement said.
Both government banks Land Bank, and DBP were ranked as the third, and seventh largest banks in the country by the Banko Sentral ng Pilipinas or central bank as of September 2016, respectively. Land Bank recorded more than P1.3 trillion worth of assets, while DBP had over P492 billion.
Borromeo brings in to DBP her more than 27 years of banking experience, which she all did at Land Bank. Prior to becoming OIC last July 29, 2016, she led Land Bank’s Land Agricultural and Development Lending Sector which spearheads the delivery of financial services for farmers organizations, micro, small and medium enterprises, local government units, GOCCs, corporations, other financial institutions and consumer clients.
She joined Land Bank in 1989 where she rose from the ranks and handled various core banking operations. She headed the bank’s institutional banking sector, treasury and investment banking, account management, global banking, credit policy and supervision, among others. Borromeo has a Bachelor of Science degree in Agribusiness from the University of the Philippines, and is a graduate of the Advanced Bank Management Program of the Asian Institute of Management, and the Pacific Rim Bankers Program of the University of Washington Executive Education Foster School of Business.
She took the Master of Business Administration program of the De La Salle Business School, and also attended the International Study on Rural Banking and Finance at the Massey University in New Zealand.
Re-disseminated by The Asian Banker from Deal Street Asia