Ms. Cecilia C. Borromeo, a seasoned development banker with an illustrious career spanning over 30 years, has been honored with the prestigious ADFIAP CEO of the Year award. Her remarkable contributions and expertise in development banking and finance have positioned her as a prominent figure in the industry. Through her extensive experience and dedication, Ms. Borromeo significantly impacted the growth and development of the banking sector through her tenure with the Landbank of the Philippines (LBP).

Ms. Borromeo worked for the government in several roles for nine years before joining LBP in 1989, obtaining knowledge and experience in several fields. She served as a settlements assistant for the Ministry of Human Settlements, a development management officer for the Human Settlements Development Corporation, a unit head for the Management & Technical Services Unit of the KKK National Secretariat, and a trade and industry specialist in operational planning for the Department of Trade and Industry. She gained a thorough awareness of the growth landscape and how banking and finance are intertwined with her diversified experience.

The foundation for Ms. Borromeo’s successful profession is her educational background. She has a Master of Business Administration from the De La Salle Business School and a Bachelor of Science in Agribusiness from the University of the Philippines (UP). She continued her quest for knowledge by completing the Advanced Bank Management course at the Asian Institute of Management (AIM). She was honored at AIM for her outstanding performance, her exceptional abilities in asset and liability matters, and for demonstrating the traits of a professional trader.

Her involvement in several specialized programs and courses demonstrates Ms. Borromeo’s dedication to lifelong learning and global perspectives. She participated in the International Study on Rural Banking and Finance at Massey University in Wellington, New Zealand, and completed the Pacific Rim Bankers Program through the Executive Education Foster School of Business at the University of Washington and in San Francisco, California, USA. She has also participated in many training courses in Europe, the United States, and the Asia-Pacific area that helped her acquire more knowledge and competence in the banking and financial industry.
Ms. Borromeo has demonstrated outstanding leadership and dedication to the expansion and modernization of the banking sector throughout her career. She has excelled in her responsibilities with her commitment and strategic vision, winning the respect and admiration of her peers in the process. She has made significant contributions and exhibited effective leadership, as evidenced by her selection as the ADFIAP CEO of the Year.

The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is gearing up for its 47th Annual Meetings, set to take place in Cambodia. The Agricultural and Rural Development Bank of Cambodia (ARDB), a state-owned institution, will host the event where delegates from around 40 countries will be gathering to share their knowledge

H.E. Dr. Thach Kao has been appointed as the 2nd Vice Chair of ADFIAP (Association of Development Financing Institutions in Asia and the Pacific). Currently serving as the Chief Executive Officer of the Agricultural and Rural Development Bank (ARDB) in Cambodia, H.E. Dr. Kao brings a wealth of experience and expertise to his new role.

With a strong background in law and finance, H.E. Dr. Kao has held several key positions within the Cambodian government and financial institutions. Before his current role at ARDB, he served as Deputy Director General of Cambodia’s Securities and Exchange Commission and was instrumental in establishing the Cambodia Securities Exchange. He is actively involved in developing financial sector strategies and policies, including drafting laws related to government and non-government securities.

H.E. Dr. Kao’s educational achievements further enhance his qualifications. He holds a Bachelor of Law, a Master of Law focused on international trade law and dispute resolution, and a Doctor of Business Administration. His doctoral research focused on the transformation of the Rural Development Bank in Cambodia, showcasing his deep understanding of the subject. Additionally, he recently completed his Doctor of Philosophy in Public Policy, with his dissertation focusing on the role of the securities regulator’s supervision and regulation of the securities market in Cambodia.

H.E. Dr. Kao Thach’s contributions to finance and commitment to Cambodia’s financial sector make him a valuable addition to ADFIAP. His appointment as the 2nd Vice Chair further solidifies his position as a respected leader in the region, and his expertise will undoubtedly contribute to the organization’s mission of promoting sustainable development through sustainable development financing.

To meet market demand, the National Bank for Agriculture and Rural Development has launched an awareness campaign to educate farmers about climate change and the necessity of crop diversification, particularly millet production.

DFCC Bank inaugurated the newest addition to its off-site network at the MAS Fabric Park at MAS Intimates Thurulie, further increasing its easy and accessible network of MySpace Self Banking Kiosks.

Pag-IBIG Fund disbursed P53.76 billion in cash loans, otherwise known as short-term loans, benefitting a record-high 2,612,491 members in 2022, agency officials stated Tuesday (21 March 2023).

For 2022, the amount of short-term loans released by the agency increased by 21% or P9.46 billion compared to the P44.30 billion released in 2021. With this amount, the number of members assisted through the program increased by 24%, or over half a million more than the 2,090,851 members in 2021.

“We at Pag-IBIG Fund exert all efforts in providing our members with assistance on their financial needs. We are happy to note that through our Short-Term Loan Program, we were able to aid more than 2.6 million Filipino workers gain added funds to tend to their needs last year. All our efforts are in line with the call of President Ferdinand Marcos, Jr. to provide the best service to the Filipino people,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s Short-Term Loan Program includes the agency’s Multi-Purpose Loan (MPL) and Calamity Loan. Under the Pag-IBIG MPL, qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned. Borrowers may choose between a 24 or 36-month payment term and are provided a two-month grace period prior to their first payment. The MPL comes at an interest rate of 10.5 percent per annum. The Pag-IBIG Calamity Loan, on the other hand, is made available to members residing or working in areas declared under a state of calamity.

Of the total amount of cash loans released by the agency, P49.85 billion were in the form of Pag-IBIG MPLs which helped 2,313,143 members, while P3.91 billion were in the form of Calamity Loans which in turn aided 299,348 members.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, cited the reliability and ease of access in availing the Pag-IBIG’s MPL and Calamity Loan as the main drivers for its strong growth.

“We at Pag-IBIG Fund are aware that millions of our members rely on our MPL for their immediate financial needs and our Calamity Loan to help rebuild their lives. That is why we have made these loan programs more accessible and easier to avail for our members. Today, our members can easily and conveniently apply for these loans through many channels, which include their employers, our more than 200 branches and services offices nationwide, or online via the Virtual Pag-IBIG or the Virtual Pag-IBIG Mobile App. What’s more, we also have our Lingkod Pag-IBIG On Wheels which are currently going around the country, ready to receive loan applications from members, particularly those from underserved and calamity-stricken areas,” said Acosta. (END)

The Development Bank of Mongolia (DBM) has been supporting the Mongolian Government’s program on advancing small and medium enterprises (SMEs). The DBM has been providing soft loans for the purpose of enhancing factory capacity of the SMEs which will expand their scope, generate employment, uplift standard of living, and help in the economic development of

Russia’s Vnesheconombank and Renova Group of Companies JSC signed a cooperation agreement during the Russian Investment Forum in Sochi, Russia, to work on financing high-tech, innovations and investments in disruptive technologies, including projects aimed at developing digital economy, industry 4.0, blockchain, and neurotechnologies. Both parties are going to pay special attention to supporting export of

The Development Bank of Japan (DBJ) offers “DBJ Green Building Certification” in order to support its customers who own or operate real estate properties with high environmental and social awareness. Based on its comprehensive evaluation system, which includes not only an environmental perspective but also a social one (owner response to social needs of the