UCPB president quits for personal reasons

MANILA, Philippines — The president of United Coconut Planters Bank (UCPB) has tendered his resignation due to personal reasons, a few days after President Duterte reiterated his commitment to uplift the lives of the coconut farmers in his State of the Nation Address (SONA).

In a handwritten letter to President Duterte dated July 25, UCPB president and chief executive officer Higinio “Joey” Macadaeg Jr. said: “It is with deep regret that I am tendering my resignation as president of United Coconut Planters Bank effective upon reception hereof.”

In a separate statement, UCPB confirmed Macadaeg’s resignation due to personal reasons.

The bank said Macadaeg’s resignation will take effect upon acceptance by President Duterte.

“UCPB would like to assure its clients and other stakeholders that there are procedures in place to ensure an orderly transition and that the bank will continue to provide and deliver its services to the public,” the bank added.

The sequestered bank is the country’s 12th largest lender in terms of assets with P311.22 billion as of end March this year. It ranked 14th in terms of capital with P16.65 billion.

Macadaeg, former executive vice president and director of the UCPB, was elected president and CEO of the bank in October 2106. He was also the concurrent head of the Bank’s Corporate and Consumer Banking Group prior to his election as president.

He also served as UCPB’s chief credit officer and as head of its Credit and Supervision Group.

Prior to joining UCPB in 2003, Macadaeg was executive vice president and senior credit officer of Equitable PCI Bank from 2001 to 2002, senior vice president of Metropolitan Bank and Trust Co. from 2000 to 2001, senior vice president of Solidbank Corp. from 1993 to 2000, vice president of Standard Chartered Bank from 1990 to 1993, and assistant vice president of Citytrust Banking Corp. from 1982 to 1989.

During his SONA, President Duterte renewed his commitment to help coconut farmers and develop the industry.

The government has been trying to privatize its stake on UCPB since the Supreme Court lifted the temporary restraining order imposed in 2015. The government has a 73.9 percent interest in UCPB worth at least P1.1 billion.