Changing affiliations, more popularly known as “rigodon,” is a common occurrence in both banking and journalism.

This traditional formal dance, also called the “Rigodon de Honor,” evolved from dances brought to the Pacific Islands by Spanish settlers in the 16th century. Research shows that the rigodon dance is not only popular here but likewise in French and Spanish courts. It's often performed at galas, balls, and other formal occasions celebrated by the rich and powerful, especially those in government.

The definition of rigodon—which historically is meant to represent a certain sense of elevated status—and its very tenet come to mind relative to the recent changes in the top-tier management of Philippine National Bank (PNB).

The musical chairs, though sans the accompanying music, were played last month. In my book, PNB President Edwin Bautista emerged as the winner by surrounding himself with his former Union Bank lieutenants. And yes, Virginia, just like the very tenet of Rigodon, these fantastic four—Roberto F. Abastillas, Dave T. Morales, Jenilyn B. Valdez, and Constantino T. Yap—hold “very important or very high rank” positions in PNB.

Gathered from my snooping in the PNB corridors along Diosdado Macapagal Avenue is that the fantastic four, in fairness, were engaged without easing out any of the current PNB officers.

Mr. Abastillas, a former Union Bank executive vice president (EVP) and head of commercial banking, will lead PNB’s institutional banking with the rank of EVP. This position was vacant following the retirement of Cenon Audencial, Jr. Ever wonder why Mr. Abastillas, who will be joining 16 days from now, has been hired for only two years? He will be turning 65 in a couple of years, which is the mandatory retirement for the government workforce.

Similarly, Mr. Morales’ position as the main shepherd of Mortgage and Auto, with the rank of first senior vice president, starts next month. This spot has been vacant, with the former head joining Philippine Veterans Bank. Again, rigodon at its finest!

On the other hand, Ms. Valdez will have to wait until September 1st to assume the Corporate Planning and Analysis Division, with the rank of Senior Vice President, with the retirement of Emily Centeno. She will also be the Investor Relations Officer under the Financial Management Strategy and Sustainability Sector.

Meanwhile, Constantino T. Yap already took the lead as officer-in-charge of the Digital Channel Management and Innovation Group, a position vacated by Dama Sid, who decided to try his luck in the international arena.

Interestingly, the engagement of the Fantastic Four is very timely with PNB’s plan to tap the domestic market through the issuance of bonds and commercial paper worth ₱50 billion. This combination of bond issuance and commercial paper is designed to "diversify" PNB’s source of funding.

Heard around the marketplace is that the “first tranche” could possibly be issued during the fourth quarter, and the tenor depends largely on the appetite of investors. “There’s a possibility that the first tranche could be floated sometime in October, with interest rates expected to come off,” shared a market player familiar with the issue.

As an ardent market observer, I’m eager and thrilled to see how Mr. Edwin’s fantastic four will weigh in on attracting investors and ultimately contribute to the success of the bank’s fund-raising exercise that will be used to “fund loan growth.”