Landbank board 'decided' to remove prexy

MANILA, Philippines - After serving two administrations, Gilda Pico is no longer the president of state-run Land Bank of the Philippines.

According to the bank's corporate affairs group, Pico's departure was "decided" during a board meeting yesterday attended by Finance Secretary Carlos Dominguez III.

As Finance chief, Dominguez serves as Landbank chairman.

In an e-mail to The STAR on Friday, Dominguez declined to comment on the reason Pico is stepping down as well as her replacement. The lender said it will issue official statement within the day.

"Please refer to the communications people at Landbank," he said. A source said Dominguez and Pico met for the first time yesterday.

Dominguez opposed the planned merger of Landbank and another government-run lender, Development Bank of the Philippines, under the previous administration.

Landbank was supposed to be the surviving entity on that transaction.