Bank confirms resignation of president

MANILA – An official of the government-controlled United Coconut Planters Bank (UCPB) on Friday confirmed the resignation of its president and Chief Executive Officer (CEO), Higinio O. Macadaeg Jr.

In a reply to the Philippine News Agency’s (PNA) inquiry, UCPB Corporate Communication Head Rona Gorayeb-Velasco said Macadaeg has given up his post “due to personal reasons”.

“His resignation will take effect upon acceptance by President (Rodrigo Roa) Duterte,” she said.

“UCPB would like to assure its clients and other stakeholders that there are procedures in place to ensure an orderly transition and that the Bank will continue to provide and deliver its services to the public,” she added.

A copy of a hand written resignation allegedly signed by Macadaeg, dated July 25, 2019, circulated online Friday.

Macadaeg, in the letter addressed to President Duterte, said he is submitting his resignation “with deep regret”.

He said his resignation is “effective upon acceptance hereof”.

“I would like to thank you for giving me the opportunity to serve your government,” he added.

The bank is facing several issues, such as its privatization and the turnover of the PHP83-billion coco levy funds to farmers.

In August 2018, the Sandiganbayan 2nd Division ordered the transfer of the funds from Coconut Industry Investment Fund (CIIF) companies, 14 holding companies and converted San Miguel Corporation (SMC) shares to the government so they can be used to promote coconut farmers’ welfare.

Relatively, a Supreme Court (SC) decision said the CIIF companies, 14 holding companies and the converted SMC shares are “owned by the government to be used only for the benefit of all coconut farmers and for the development of the coconut industry”.