The Bankers Association of the Philippines (BAP) held its annual general assembly recently to take pride in the milestones that the association has achieved for the year 2022. In his speech, outgoing BAP President Antonio C. Moncupa noted how the association has strived hard to pursue its advocacies to contribute to inclusive socio-economic development.
During his appointment as the new BAP president on March 21 last year, Moncupa made a commitment to the banking sector, stating that he will pursue a number of reforms to strengthen the resilience of the industry in the new age of risks and COVID-19.
“Through the years, our agenda in the BAP is to seek better banking efficiency, through modernization that we now call digitalization, a better fixed-income, foreign exchange and derivatives markets, and safe and trustworthy banking,” he said then.
Outgoing BAP President Antonio C. Moncupa (IMAGE credit: https://bap.org.ph)
“The Bankers Association of the Philippines has since done 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. At the same time, this would make the banking system safer, more reliable, and more stable,” he added.
Moncupa also highlighted the various milestones the BAP has achieved in the pursuit of its advocacies. The milestones are as follows:
- 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 doing the spade work.”
BAP elects a new set of officers
During the general assembly, BAP members also elected a new set of officers for the term 2023-2024. Elected as the organization’s next president is Jose Teodoro K. Limcaoco, the president and CEO of Bank of the Philippine Islands (BPI).
“I am thankful for the trust that BAP members have placed in me to lead the organization to 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 that we have pursued throughout the years and our strong alliance with partners such as the Bangko Sentral ng Pilipinas (BSP), the Philippine banking industry continues to be in a strong position to withstand shocks and serve the needs of the Filipino public,” he added.
New BAP prexy Jose Teodoro K. Limcaoco (IMAGE CREDIT: https://bap.org.ph)
The other newly-elected officers of the BAP are as follows:
- 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