Electronic payments network BancNet announced that its board of directors recently elected Cezar P. Consing as president, replacing Ricardo R. Chua who retired. Consing, who is president and CEO of Bank of the Philippine Islands (BPI), is an incumbent member of the BancNet board. He has been an active BancNet director since May 2015.
“I am excited to continue the good work done by Ric Chua and BancNet management to increase the role of electronic payments in our country’s financial system,” Consing said.
The Bangko Sentral ng Pilipinas (BSP) last year launched an initiative to reduce cash and paper-based payments and fund transfers that currently predominate the economy and to increase electronic transactions from 1% at present to 20% by 2020. In pursuing this objective, BancNet has been designated as the country’s Clearing Switch Operator for real-time low-value fund transfers.
BancNet has 121 members and affiliates that offer electronic payment channels consisting of 20,000 ATMs, 245,000 point-of-sale (POS) terminals, Internet and mobile phone banking to 72 million cardholders.
The BancNet board also elected new China Bank president William Whang as director. The other members of the board are Edwin Bautista (Union Bank), Roberto Benares (Bank of Commerce), Edmond Bernardo (UCPB), Cecilia Borromeo (DBP), Gil Buenaventura (RCBC), Abraham Co (AUB), Liduvino Geron (Land Bank), Reynaldo Maclang (PNB), Antonio Moncupa (East West Bank), Alfonso Salcedo Jr. (Security Bank), Elfren Antonio Sarte (Robinsons Bank), Richard So (Metrobank), and Nestor Tan (BDO).