BAP elects first female president to lead Philippine banking industry

The Bankers Association of the Philippines (BAP) elected Union Bank of the Philippines president and chief executive Ana Maria Aboitiz-Delgado as its new head, marking the first time a woman will lead the organization in its 80-year history.

Aboitiz-Delgado takes over from Bank of the Philippine Islands president and chief executive Jose Teodoro Limcaoco, who completed his term after being elected in 2023. The leadership transition occurred during the association’s annual reception, where officials also named Elfren Antonio Sarte Jr. as the new BAP managing director to replace Benjamin Castillo.

The new president brings two decades of experience to the role, having started as a management trainee at UnionBank in 2003. She now leads an institution recognized for digital innovation, overseeing retail finance, customer experience and institutional banking.

“What excites me most is that as bankers, ours is an industry that has the ability to uplift lives and fuel economic progress by increasing the efficiency and effectiveness of banking services,” Aboitiz-Delgado said.

“As we see the acceleration of digitalization and the potential of AI, we face a next generation of risks that extend beyond individual institutions and national borders,” she said.

During Limcaoco’s tenure, the BAP focused on combating cybercrime and financial scams. The group supported the Anti-Financial Account Scamming Act and worked with the ASEAN Bankers Association to create a regional ecosystem for fraud prevention.

Aboitiz-Delgado said that her term will focus on maintaining stability amid geopolitical uncertainty and technological shifts.

“Together, they really underscore the importance of being peaceful in advancing industry-wide standards and deepening collaboration with each other, the central bank and the communities we serve. So that trust and confidence in the financial system is not only preserved, but is strengthened,” she said.

The association also elected its new board of officers. Metropolitan Bank & Trust Company president Fabian Dee will serve as first vice president, while Land Bank of the Philippines president and chief executive Lynette Ortiz was elected second vice president. BDO Private Bank Inc. president Joseph Albert Gotuaco will serve as treasurer and Citibank N.A. CEO Paul Raymond Favila was named secretary.