GMA names Camacho as DBP chairman

President Arroyo has appointed Jose Isidro N. Camacho as chairman of the Development Bank of the Philippines (DBP).

"I have already appointed Camacho as chairman of DBP upon the recommendation of Finance Secretary (Alberto) Romulo," she said.

Camacho however, declined to comment on the appointment, saying only that he was open to discussion.

Industry sources close to Camacho said that he was the type to accept a challenge or opportunity to serve the country. They said Camacho is inclined to accept the post.

His extensive exposure to the banking industry, including foreign banking institutions, were said to be a major factor in his selection as DBP chairman. Industry sources said Camacho will also be able to assist the Department of Finance (DOF) in other undertakings.

Prior to his stint as the Philippine country managing director at Deutsche Bank, Camacho was connected with Bankers Trust for over 20 years with his last assignment as managing investment director for Southeast Asia, including India.

However, DBP sources said that the post of board chairman might be insufficient for Camacho if he will concentrate solely on the bank.

"The chairman will not be involved in the day-to-day operations of the bank as it is the president and chief executive officer who assumes that role. He may be underutilized," they said.

The DBP board is composed of nine members who are all presidential appointees. They have a one-year renewable tenure based on the bank's mandate.

The day-to-day bank activities are the responsibility of the president and CEO who is also the board vice chairman. – Ted Torres