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Announcements March 21, 2022

BAP holds annual meeting for 2022, elects new set of officers

The Bankers Association of the Philippines (“BAP”) held its 2022 annual meeting on March 21

to reflect on the achievements of the organization and determine its plans to promote a banking

industry responsive to the challenges and developments of the future.


Jose Arnulfo A. Veloso, outgoing President of the BAP, highlighted the banking industry’s

resilience in light of the ongoing economic situation.


“The year 2021 delivered a surprise as the economy recovered from its negative domestic

growth, ending the year positively with a 5.6% growth in GDP,” he said. “The banking industry

performed even better than expected coming out from the COVID-19 pandemic.”


“Total assets of banks stood at PhP20.8 trillion for 2021, and banks recorded a net profit of

PhP224 billion. There is more than enough liquidity to support the borrowing needs of the

country and its people as we gear up towards a full economic recovery,” Veloso added.


“These demonstrate the banking sector’s resiliency and preparedness built through the years

and having survived a number of economic, financial and even geopolitical crises,” he said.


Benjamin P. Castillo, Managing Director of the BAP, emphasized the industry’s proactiveness in

serving the interests of the banking stakeholders.


“We proactively worked closely with banking regulators and government agencies, media

groups, and social media personalities to keep the public informed and educated on the latest

trends and developments in cybersecurity,” Castillo said.


On promoting sustainable finance, he remarked that local banks have issued at least $1.15

billion of green, social, and sustainability bonds to encourage the financing of green projects.


“Incorporating sustainability shall promote long-term economic growth and development, which

ultimately helps improve the quality of life of the Filipino people and ensure ecological integrity

in the country,” he added.


The BAP also elected its new set of officers during the annual meeting. Antonio C. Moncupa Jr.,

President and CEO of EastWest Banking Corporation, will succeed Veloso as the organization’s


“Through the years, our agenda in the BAP is to seek better banking efficiency, through

modernization that we now call digitalization, better fixed income, foreign exchange and

derivatives markets, and safe and trustworthy banking. These are necessary preconditions that

improve commerce, create jobs, and increase economic output.” Moncupa said in his

acceptance speech.


“We will continue to work very closely with the BSP, SEC, and other regulatory agencies and

with Congress to contribute to our shared interest for an efficient, strong, and well-functioning

banking system. With the COVID-19 pandemic, geopolitical tensions, US rate hikes and tapering, global inflation, and a new Philippine president, we have some very interesting days ahead.” he added.


BAP member-banks also elected the following executives as officers:


  • First Vice President – Cecilia C. Borromeo, President & CEO, Land Bank of the


  • Second Vice President – Hans B. Sicat, Managing Director/Country Manager, ING Bank


  • Secretary – Sanjiv Vohra, President & CEO, Security Bank Corporation
  • Treasurer – Jose Teodoro K. Limcaoco, President & CEO, Bank of the Philippine Islands


BAP member-banks also elected representatives from these institutions to join the board of



  • BDO Unibank Inc.
  • Bank of China
  • Bank of Commerce
  • Bank of Philippine Islands
  • China Bank Corporation
  • EastWest Bank Corporation
  • ING Bank N.V.
  • JPMorgan Chase Bank
  • Land Bank of the Philippines
  • Metropolitan Bank and Trust Company
  • MUFG Bank Ltd.
  • Rizal Commercial Banking Corporation
  • Robinsons Bank Corporation
  • Security Bank Corporation
  • Standard Chartered Bank


Veloso gave his best wishes to the new officers of BAP.


“As we move ahead towards confronting new challenges as well as opportunities, I wish the

best of luck to the future leaders who will steer the BAP to greater heights,” he said. “I

congratulate the new set of officers for being entrusted by the BAP member banks to lead the

organization into a new era of banking operations and services.”


“The road ahead may be uncertain and filled with obstacles, but let us embrace these

with hope and gratitude for the opportunity to innovate and further strengthen the

banking industry. With great confidence, the BAP will continue to be a strong force in the

Philippine banking industry for our country and the Filipino people,” he concluded.