In the male-dominated corporate world, having a woman sit in the driver’s seat of big-ticket companies often raises a lot of critical brows.
Veteran banker Lynette Ortiz recalled her experience working in the cutthroat and male-dominated New York banking industry, but she had to show them how hard women had to work to get to the same position as men.
“There were instances when colleagues had doubts on my value and contribution to the company, because I was a woman—even to the point where I was asked to serve men coffee or leave a meeting. As a woman, I had to do work doubly hard to prove my seat at the table,” she said.
To combat the negative stereotypes women face, she said that it was imperative that women come to meetings fully prepared, Ortiz wrote in her memoir.
Somehow, her past struggles are now just part of her memories.
She was roundly welcomed when President Ferdinand Marcos Jr. appointed her on May 24, 2023 as the 11th president and chief executive of the state-run Land Bank of the Philippines, replacing Cecilia Cayosa Borromeo who held the post for four years.
Before moving to LandBank, Ortiz was the first Filipino CEO of the Standard Chartered Bank of the Philippines. Prior to that, she served various banks, both offshore and domestic, as senior officer in risk management, treasury, corporate finance and capital markets.
She also sits as first vice president of the Bankers Association of the Philippines, apart from being a member of the group’s executive committee.
Under her stewardship, LandBank shifted to high gear with digitalization drive to boost its financing services.
“I recognize the highly-important role of LANDBANK in nation-building, and I am keen to contribute and infuse ideas and innovations that will further fortify the Bank in fulfilling its social mandate. I hope to bring in a fresh perspective drawn from my experience working in global organizations,” Ortiz said.
She pledged to sustain and improve the bank’s support services to agriculture and other vital industries, as well as expand financial inclusion and deliver assistance to marginalized and vulnerable sectors.
According to her, LandBank has evolved over the past 60 years into the biggest development and financial institution in the country.
“We will continue to expand our services through more branches and automatic teller machines,” Ortiz in her 60th anniversary message.
Ortiz took her MBA in Finance and Investments at the City University of New York, Baruch after graduating cum laude in Business Administration from the University of the Philippines.
“If you want to do anything in the world, personally or professionally, create a vision so others can join in and become part of it. Thinking strategically and being purposeful, even early on in your career, are key,” she wrote in an article titled “How I Got Where I Am.”
“I initially focused on analytical work and risk management. I involved myself in industry work through the Bankers Association of the Philippines, and also worked closely with regulators. Over time, I found myself enjoying client interactions and built a network of relationships,” she said.
“In my career, I’ve learned about new industries, the unique characteristics of clients, and worked on how the Bank can partner to deliver solutions. There’s always something new and exciting to learn, which is why I’m still here in banking after 30 years,” said Ortiz.
Ortiz said she was always open to new opportunities and never shirked from a challenge. “The more difficult something appears, the more determined I am to try it out. There are still a lot of challenges to female leadership. In the Philippines, there are 46 commercial banks, but only four CEOs are women, myself included. There are many women who work in the industry, but so few actually get to lead an organization,” she said.
“I think females tend to be forced into stereotypes or pigeon-holed with specific traits. For example, a male leader is expected to be tough and demanding, and a female leader to be cooperative, nurturing and collaborative. Some people construe what should be viewed as positive traits as weakness. A man exhibiting command will be praised for taking the bull by its horns. You don’t call a man bossy, right? But if you’re a woman, you’re being bossy or difficult. These are stereotypes that need to be broken,” Ortiz said.
Ortiz was also adjudged United Nations 2021 Philippine Women’s Empowerment Principles Awards Champion for Leadership Commitment, for her role in setting strong corporate commitments and inclusive leadership.