BIZ BUZZ: Another ex-LandBank chief enters PBCOM boardroom

Looks like retirement isn’t quite in Cecilia Borromeo’s vocabulary.

After leading two of the country’s major state-run lenders in recent years, the veteran banker has found a new perch—this time inside the boardroom of Philippine Bank of Communications (PBCOM).

The bank led by retail magnate Lucio Co disclosed that its board had elected Borromeo as independent director, replacing Gilda Pico, another former Landbank chief. Pico’s nine-year term had just wrapped up.

Borromeo is hardly a stranger to corner offices. She previously served as president and CEO of the Land Bank of the Philippines from 2019 to 2023. Before that, she ran the Development Bank of the Philippines. Those stints made her one of the few executives to have steered both state-owned banking giants—an experience that could prove handy as PBCOM navigates today’s competitive lending landscape.

Her new role, however, goes beyond occupying a board seat. The bank wasted no time naming her chair of the governance committee and a member of the audit committee—positions that put her squarely at the center of oversight and accountability.

But Borromeo wasn’t the only fresh face. The bank also tapped risk management veteran James Chua to head its enterprise risk management group, carrying the rank of first vice president. Chua brings more than three decades of experience spanning risk, operations and transaction banking, including a recent stint at Malayan Savings Bank.

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Taken together, the twin appointments hint at something bigger than routine reshuffling. With Borromeo’s governance credentials and Chua’s risk expertise, PBCOM appears to be reinforcing its internal controls—a critical move at a time when banks are under pressure to manage emerging risks while chasing growth.

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