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Manila Bulletin devider Business devider Banking & Finance devider Pagcor, Landbank heads offer courtesy resignations to Malacañang

Pagcor, Landbank heads offer courtesy resignations to Malacañang

Published May 29, 2025 03:14 pm

Two more heads of government-owned and controlled corporations (GOCCs), one of whom was among the highest-paid officials last year, have submitted their courtesy resignations to President Ferdinand Marcos Jr.

Alejandro Tengco, chairman and CEO of Philippine Amusement and Gaming Corporation (Pagcor), said in a statement on Thursday, May 29, that he has already submitted his courtesy resignation to the president alongside the state-run firm’s board of directors.

“Tengco today said he and all the members of the agency’s board of directors have tendered their courtesy resignations last week to give the President a free hand in reorganizing the bureaucracy,” Pagcor said.

Pagcor noted that the resignation of its top leaders came “even before the Palace called on all officials” of GOCCs to submit their courtesy resignations on Wednesday, May 28.

Tengo was the 13th highest paid government official in 2024, earning ₱21.1 million.

Pagcor general manager Redentor Rivera was ranked 20th on the list, earning ₱17.9 million in the previous year.

Joining Tengco in voluntary resignations were Pagcor president and COO Wilma Eisma, along with directors Jose Maria Ortega, Francis Democrito Concordia, and Gilbert Cesar Remulla.

Tengco said the company serves at the pleasure of the President, adding that they will accept whatever the president’s decision will be.

Ma. Lynette V. Ortiz, president and CEO of the Land Bank of the Philippines, said she has also filed her resignation.

Meanwhile, Development Bank of the Philippines (DBP) President Michael de Jesus has not yet issued a statement regarding his response to the order. De Jesus received a total pay of P18.5 million in 2024, making him the 19th highest-paid individual of the year.

Governance Commission for GOCCs (GCG) chairperson Marius P. Corpus earlier said that while the Commission has not yet determined the exact number, they expect more letter submissions.

The courtesy resignations are being filed electronically and physically. Corpus assured that he will instruct the GCG division concerned to come up with the numbers.

Related Tags

Philippine Amusement and Gaming Corp. (PAGCOR) Landbank of the Philippines
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