PBCom elects new independent director

MANILA, Philippines — The Philippine Bank of Communication has appointed Jose Marin Chan Jr. as its new independent director to serve the unexpired term of former director Paolo Benigno Aquino IV, effective yesterday.

In a disclosure to the local bourse, the bank said that its board of directors unanimously elected Chan at a regular meeting held on Thursday.

Chan has dedicated over four decades to the banking and finance industry. He currently serves as director of the Philippine Commercial Capital Inc. and as an independent director of Orix Metro Leasing Corp.

He also served as corporate account officer at Bancom Development Corp., one of the country’s leading investment banks and financial institutions in the 1980s.

“Throughout his career, Chan has held several key leadership positions and spearheaded major projects that have significantly contributed to the growth of the Philippine financial sector,” PBCom said.

He was the joint lead arranger and underwriter for landmark projects such as Luzon Hydro, Ogden MCI, PEA Right of Way as well as the Old Bilibid Compound.

Moreover, he served as a financial advisor for the Bulacan Biomass Project and the Camanava Waste-to-Energy Project, while continuing to provide advisory services to global firms such as Ogden, El Paso and other multinational companies.

Chan earned his bachelor’s degree in business economics from the University of the Philippines, where he graduated cum laude, and later pursued further studies in business administration.

PBCom booked a 11.9-percent decrease in its income to P906.5 million in the first half from P1.03 billion a year earlier as higher operating income was offset by net trading losses.