P-Noy accepts DBP head's resignation

MANILA, Philippines - President Aquino has accepted the resignation of Development Bank of the Philippines president and chief executive officer Francisco del Rosario Jr. which he tendered June 13 and which would be effective in September of this year.

“I understand Mr. Del Rosario has reached retirement age and wishes to spend more time with his family,” deputy presidential spokesperson Abigail Valte said.

Valte said the President received the letter of resignation on June 18 and accepted it on July 4.

Valte said the Palace would make the announcement on Del Rosario’s replacement at the proper time.

Earlier reports quoted Del Rosario as saying that at 65,he wasadvised to slow down because of health issues.

Del Rosario replaced Reynaldo David as DBP’s president and CEO in September 2010 after serving as the bank’s chairman, vice chairman and chief operating officer from 1995 to 1998.

Before returning to the bank in 2010, he was president and CEO of listed Roxas & Company Inc. (RCI) and Roxaco Land. Corp., the property arm of RCI.

The president and CEO of DBP should be elected by the bank’s board of directors with the “advice and consent” of the President, according to Republic Act No. 8523 or the Act Strengthening the Development Bank of the Philippines.

DBP is a development bank mandated to provide banking services to small and medium-scale businesses. The bank’s priority areas are the social services; environment; infrastructure and logistics; micro, small and medium enterprises; and industrial sectors.