New Landbank board replaces Pico
New board members of state- run Land Bank of the Philippines, led by Finance Secretary Carlos Dominguez III, have abruptly replaced Gilda Pico as president and chief executive officer.
In a statement yesterday, Landbank said its new board met last Thursday and “noted” the expiration of Pico’s term which was effective immediately.
It cited President Duterte’s Memorandum Circular No.1, which stated that officials from the previous administra- tion may remain on holdover capacities until the end of this month.
Andres Sarmiento, executive vice president, was appointed officer-in-charge.
“During her term, (Pico) focused on expanding the bank’s credit outreach to its priority sectors, primarily farmers and fishers, micro-enterprises and SMEs, rural banks and agriculture,” the bank said.
Sought for details, Dominguez, who serves as Landbank chair, declined to comment. He and Pico met for the first time last Thursday.
“Please refer to the communications people at Landbank,” he said in an e-mail.
Landbank said Pico rose from the ranks during her 35year service with the state-run lender. She was appointed its “first woman” president and CEO by President Arroyo in 2006.
During the past four years, Pico oversaw Landbank which has the highest dividend remittance among governmentowned and -controlled corporations (GOCCs) and financial institutions to the national government.
This was driven by a “steady growth” in the bank’s net income over a five-year period, increasing to P13.3 billion last year from P8.06 billion.
During the same period, Landbank’s assets and deposit base more than doubled to P1.28 trillion and P1.3 trillion, respectively.
Landbank was also found to have the second best corporate governance among state-owned enterprises under a maiden scorecard by the Governance Commission on GOCCs.
“Pico introduced major sys- tems innovations and strategic partnerships that contributed to the bank’s support to the government’s centerpiece development programs and platforms for inclusive growth,” Landbank said.
Under former President Aquino, Landbank was supposed to undertake a merger with another government lender, Development Bank of the Philippines.
Dominguez, however, cancelled the plan that would have seen Landbank becoming the second largest lender in asset terms as a surviving entity.