Standard Insurance bares election of Chilip as president

MANILA, Philippines - Standard Insurance, the country’s leader in motor car and industrial fire insurance, has announced the election of Patricia Echauz-Chilip, as company president following the resignation of Ofelia P. Yturzaeta.

Yturzaeta, however, will remain in the board and would be pursuing sustainable projects. Chilip had extensive experience in accountancy and finance prior to joining Standard Insurance last year as vice chairman and treasurer.

She was the chief finance officer of Centro Escolar University, a listed educational institution which specializes in allied medical courses, and prior to this was an investment banker with Buenaventura Echauz and Partners.

Noel Molina will replace Chilip as company treasurer. At the same time, Molina will be director and senior vice president. Mr. Molina, also a certified public accountant, was the former chief finance officer of Zurich General Philippines prior to its acquisition by Standard Insurance in late 2003.

Standard Insurance is wholly owned by Echauz Holdings Corp. headed by Standard Insurance’s chairman and chief executive officer, Ernesto T. Echauz.

It has recently been accorded by Global Credit Rating Co. (GCR) a domestic Philippine peso currency claims paying ability rating of BBB+ (triple B plus), a reflection of adequate protection factors, and an international US-dollar denominated issuer credit rating of B+ (single B plus), a notch lower than the Philippines sovereign rating of BB- (double B minus).