BIZ BUZZ: Bankers join Italpinas

With a partnership with an international hotel brand and the entry of a new investor underway, boutique developer Italpinas Development Corp. (IDC) seems to have been getting aggressive in its expansion plans.

Just last December, IDC announced plans to debut Dusit Thani hotels within its Mindanao developments.

In the same year, businessman Benjamin Tan Co, whose family has several landholdings in the country, injected P187.93 million into IDC.

Both moves were seen as IDC’s response to a booming tourism demand in the country, particularly in beach communities already swelling with foreign tourists.

This time, the developer is welcoming two veteran bankers into its board of directors, “further enhancing the breadth of its leadership team.”

Among them is Alfonso Salcedo, formerly the president and CEO of Security Bank Corp., praised for his “exceptional leadership and strategic vision.”

Salcedo led Security Bank from 2015 to 2019 following his career at Bank of the Philippine Islands, where he was executive vice president.

For Salcedo, IDC’s current expansion plans are attractive enough.

“Italpinas Development Corp. represents an exciting convergence of innovation, sustainability and growth,” he said in a statement on Monday. “I am deeply honored to join the board at such a pivotal moment in the company’s journey.”

At the same time, Melchor Guerrero, whose background revolves around finance and capital markets, was appointed director.

Guerrero’s role as lead underwriter for several listings does not involve the Philippine Stock Exchange alone. According to IDC, Guerrero was also behind listings on Nasdaq, New York Stock Exchange and NSX Australia.

For his part, IDC CEO Romolo Nati said the appointment of Salcedo and Guerrero “reflects [IDC’s] ongoing commitment to strengthening our leadership and ensuring we have the best minds guiding our strategic direction.”

What’s next for IDC?

Abangan!