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Announcements March 30, 2023

BAP holds annual general assembly, elects new set of officers

The Bankers Association of the Philippines held its annual general assembly on March 29 to take pride in the milestones it achieved for the year 2022.


In his speech, outgoing President Antonio C. Moncupa noted how the BAP has strived to pursue its advocacies to contribute to inclusive socio-economic development.


“The Bankers Association of the Philippines is doing its part in the national effort for sustained growth. We have always been working towards better and more responsive financial services to support the economy and improve the lives of Filipinos,” Moncupa 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 businesses,” he added. “At the same time, this will make the banking system safer, more reliable, and more stable.”


Moncupa highlighted the various milestones the BAP achieved in the pursuit of its advocacies, including:


  • 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
  • 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,” Moncupa said. “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.”


During the general assembly, BAP members elected a new set of officers for the term 2023-2024. Jose Teodoro K. Limcaoco, President and CEO of Bank of the Philippine Islands, was elected as the next president of the organization.


“I am thankful for the trust that BAP members have placed in me to lead the organization into greater heights,” Limcaoco said. “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.”


“Given the advocacies we have pursued throughout the years and our strong alliance with partners such as the Bangko Sentral ng Pilipinas, the Philippine banking industry continues to be in a strong position to withstand shocks and serve the needs of the Filipino public,” he added.


Other officers who were elected include:


  • 1st Vice President – Lynette V. Ortiz, CEO of Standard Chartered Bank
  • 2nd Vice President – Eugene S. Acevedo, President and CEO of Rizal Commercial Banking Corporation
  • Treasurer – Edwin R. Bautista, President and CEO of Union Bank of the Philippines
  • Secretary – Michelangelo R. Aguilar, President and CEO of Bank of Commerce