Philippine National Bank to undergo leadership change soon

The Philippine National Bank (PNB) is preparing for a leadership change as its current president, Florido “Doy” Casuela, is expected to resign soon. Sources close to the situation say Casuela has hinted at his departure but has not disclosed who will take over. Two internal candidates are being considered: Dondi Baltazar and Chester Luy, both part of PNB's senior management. There is also an external candidate, Edwin Bautista, who previously led Union Bank of the Philippines. Under Bautista's leadership, UnionBank underwent significant digital transformation. PNB ranks as the eighth-largest bank in the Philippines, with assets of about P1.2 trillion. Casuela has improved the bank’s profitability and allowed it to declare dividends for the first time since 2016. However, the new CEO will face challenges, including succession planning. Currently, many key senior positions are filled by people over the mandatory retirement age, impacting the rise of new talent within the bank. In other news, Henry Aguda is set to start his term as the new secretary of the Department of Information and Communications Technology (DICT). He is expected to improve internet connectivity in the country. Aguda has a background in the banking and technology sectors and replaces Ivan John Uy, who resigned earlier this month after three years in the position.