De la Paz’s election to EPCIB top post hailed

A senior House leader lauded yesterday the election of Social Security System (SSS) president Corazon de la Paz as chairman of the board of directors of Equitable PCI Bank, the country’s third biggest lender.

"She represents the interest of SSS investments in that bank as a board member. As she is elected chairman, that is perfectly alright and welcome," said Rep. Jesli Lapus, chairman of the House committee on ways and means.

The Tarlac lawmaker’s reaction came after De la Paz was unanimously elected Tuesday by the Equitable PCI board, replacing Ferdinand Martin Romualdez, who was relegated to be one of the bank’s three vice chairmen.

The other vice chairmen are Winston Garcia, president of state pension fund Government Service Insurance System and Teresita Sy of the SM Group of Companies, the single biggest stockholder in the bank.

Meanwhile, a group representing the 26 million SSS members also hailed De la Paz’s election, saying her ascension to the bank’s top post leaves the SSS chief in a better position to protect the private workers’ investment in the bank.

"De la Paz’s election to the chairmanship of Equitable PCI bodes well for us, the members of the Social Security System," said United Social Security System Members, Inc. president Ros Sta. Cruz. "I would give her more elbow room to work for the SSS members’ interest and investment with the bank."

"We expect De la Paz to push for the expansion of Equitable PCI’s servicing to the members of the SSS. Instead of the limited banking days Equitable and other banks provide to us SSS members, we hope EPCIBank, with De la Paz at its helm, can now extend its services to us the whole week."

"Easily, the over 500 branches of Equitable can do the servicing of the 160 or so SSS branches to the members. This way, aside from the savings, the improvement of services to the SSS and the additional potential revenues for the funds would be tremendous."

In a statement she issued, De la Paz said she is "optimistic that the bank will move forward in a strong way because we are seeing growth in our economy this year and, I hope, on the medium to the long term."

SM Group of Companies of retail and mall magnate Henry Sy has expressed its full faith and confidence in De la Paz’s capabilities and assured her of their "full support and cooperation."

SM Investments Corp. and Banco de Oro Universal Bank, which control the biggest share of 34 percent in Equitable PCI, also welcomed De la Paz’s election as chairman of the board of directors.

"De la Paz’s chairmanship bodes well for the bank as it came at a time when the new international accounting standards, will be enforced and applied to all banks in the Philippines," the group said in a statement.

The SM Group acquired a substantial stake in Equitable PCI in August 2005 when it bought the 25-percent shareholdings of the Go family, the bank’s founders.