The Bankers Association of the Philippines (BAP) has elected Jose Teodoro K. Limcaoco of Bank of the Philippine Islands (BPI) as the group’s 2023-2024 president.
Limcaoco, who is BPI’s President and CEO, has vowed to improve the industry association’s role in ensuring the country’s financial sector stability amid a challenging economic environment both global and local.
“I am thankful for the trust that BAP members have placed in me to lead the organization into greater heights,” said Limcaoco. “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,” he added.
Meanwhile, outgoing BAP President Antonio C. Moncupa, the vice-chairman of East West Banking Corp. (EWB), said his year as BAP chief enabled the group to conduct inclusive socio-economic development programs.
Moncupa, who was EWB’s CEO until end-December 2022, said the BAP has been doing its part to ensure the country’s growth sustainability with emphasis on responsive financial services.
Limcaoco, for his part, remains confident of the Philippine banking system’s resiliency to continue to be in a “strong position to withstand shocks and serve the needs of the Filipino public.”
Both Moncupa and Limcaoco said BAP will pursue more advocacies with the Bangko Sentral ng Pilipinas, the regulator of all banks and non-banks.
Mocupa 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 businesse. At the same time, this will make the banking system safer, more reliable, and more stable.”
Under his watch, Moncupa and BAP achieved the following: improving the framework and governance of payments infrastructure; working with legislators to promote market-determined resource allocation; continued coordination with regulatory authorities on matters such as open finance, data privacy, and the ongoing API-XML project; and improving and updating market products and practices.
“There have been a lot of activities in 2022, and the coming years promise to be as frenetic,” said Moncupa. “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,” he added.
During the BAP’s annual general assembly on March 29, the members also elected Lynette V. Ortiz, CEO of Standard Chartered Bank as first vice president and for second vice president, Eugene S. Acevedo, President and CEO of Rizal Commercial Banking Corp.
The group named as treasurer Edwin R. Bautista, President and CEO of Union Bank of the Philippines and Michelangelo R. Aguilar, President and CEO of Bank of Commerce, as secretary.