The board of directors of the Development Bank of the Philippines (DBP) electedWednesday (Jan. 4) former Land Bank of the Philippines (LandBank) officer-in-charge (OIC) Cecilia Borromeo as its president and chief executive officer (CEO).

Before her election as president-CEO, Borromeo, along with Maria Lourdes Avancena Arcenas, took their oaths of office as members of the DBP Board of Directors before Finance Secretary Carlos Dominguez III at the bank’s Head Office in Makati City.

Borromeo, who had served since August last year as LandBank OIC, has 27 years of banking experience.

She joined LandBank in 1989 and rose from the ranks as a project assistant at its Program Management Department to later handle various core banking operations, and become its Executive Vice President (EVP), first for the bank’s Institutional Banking and Subsidiaries Sector in 2009, and later for its Agricultural and Development Lending Sector in 2012.

As EVP for the bank’s Agricultural and Development Lending Sector, Borromeo spearheaded the delivery of financial services for farmer organizations; micro, small and medium enterprises (MSMEs); local government units (LGUs); government-owned and -controlled corporations (GOCCs), corporations, other financial institutions and consumer clients.

Under her leadership, the bank’s agricultural lending sector achieved an 89 percent total loan portfolio growth from P233.1 billion in July 2012 to P421.5 billion in June 2016.

She also supervised over treasury and investment banking operations, which covers the management of the bank’s foreign exchange and foreign securities investment portfolios.