MANILA, Philippines - Maybank ATR Kim Eng Financial Corp. (MATRKE) has elected David L. Balangue as independent director. He takes over from Ernest Cu, who has stepped down from the board to focus full time as president and chief executive officer of Globe Telecom. Balangue is currently the chairman of the Philippine Financial Reporting Standards Council and the president of the Makati Commercial Estates Association and the Makati Parking Authority. In addition, he has been a Philippine Deposit Insurance Corp. (PDIC) consultant of the Philippine Bank of Communications (PBCom) since 2010. Balangue was a partner of SyCip Gorres Velayo and Co. (SGV) since 1982 and became chairman and managing partner in 2004 until his retirement in 2009. He sits on the board of Trans-Asia Oil and Energy Development Corp. and Roxas Holding Inc., as an independent director March 2010 and December 2011, respectively. He also serves as a non-executive director of The Manufacturers Life Insurance Co (Phils.) Inc. and Manulife Financial Plans Inc.