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Manila Bulletin devider Business devider Banking & Finance devider Former budget chief Pangandaman named CEO of Philippines' only Islamic bank

Former budget chief Pangandaman named CEO of Philippines' only Islamic bank

Published Jul 11, 2026 05:28 pm
Amenah F. Pangandaman
Amenah F. Pangandaman

Former Budget Secretary Amenah F. Pangandaman has been appointed chairperson and chief executive officer (CEO) of the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP).
The state-owned lender announced the appointment on July 10, saying her leadership would accelerate the development of Shariah-compliant financial services in the country.
AAIIBP, a subsidiary of the Development Bank of the Philippines (DBP), is the country’s sole specialized Islamic banking institution.
Pangandaman, an economist who served as the first Muslim woman to head the Department of Budget and Management (DBP), exited her Cabinet post during the government reorganization that followed the mid-2025 midterm elections.
Her tenure at the DBM was marked by aggressive fiscal reforms, including the passage of the New Government Procurement Act and the expansion of digitized state payment frameworks, which helped elevate the Philippines’ standing in regional budget transparency indices.
The move to AAIIBP returns Pangandaman to the financial sector, where she previously built a career as assistant governor of the Bangko Sentral ng Pilipinas.
During her time at the central bank, her portfolio heavily prioritized financial inclusion and the digital integration of the local banking system.
The transition comes as regulators actively adjust policies to attract Middle Eastern capital and accommodate the underserved Muslim population, primarily located in the Bangsamoro Autonomous Region in Muslim Mindanao.
As chief executive, Pangandaman will oversee the bank’s mandates to lower barriers to entry for unbanked communities, promote micro-financial sustainability, and expand credit access.
Total assets and precise capitalization figures for the state lender remain integrated under its parent firm, though the institutional focus continues to pivot toward scaling asset growth via Shariah-compliant windows.

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Amenah F. Pangandaman Al-Amanah Investment Bank of the Philippines (AAIIBP)
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