Ana Maria Aboitiz Delgado, president and CEO of Union Bank of the Philippines, has been elected as the president of the Bankers Association of the Philippines (BAP), becoming the first woman to head the industry organization in its almost 80-year history.
Delgado succeeds Jose Teodoro Limcaoco, president and CEO of Bank of the Philippine Islands (BPI), who completed his three-year term after being elected as the BAP president in 2023. Limcaoco was honored at the association’s annual reception, where it celebrated his leadership and welcomed its new slate of leaders.
Under Limcaoco’s leadership, the BAP advanced key initiatives such as fighting financial scams and cybercrimes, supporting the Anti-Financial Account Scamming Act, as well as promoting regional collaboration across the region through the ASEAN Bankers Association in an ecosystem approach to fighting financial scams and fraud.
Efforts also focused on making industry platforms more efficient and improving their connectivity to support the growth of digital transactions.
Delgado assumes the role after 20 years at UnionBank. She started as a management trainee in 2003 and has risen to lead one of the country’s most digitally advanced banks, overseeing SME banking, retail and institutional finance, customer experience, and digital channels.
In her speech, the newly elected BAP President expressed her vision for the future of banking.
“What excites me most is that as bankers, ours is an industry that has the ability to uplift lives and fuel economic progress by increasing the efficiency and effectiveness of banking services. As we see the acceleration of digitalization and the potential of AI, we face a next generation of risks that extend beyond individual institutions and national borders. These risks are further compounded by the economic impact arising from geopolitical uncertainty that faces us,” she said.
“So together, they really underscore the importance of being peaceful in advancing industry-wide standards and deepening collaboration with each other, the central bank, and the communities we serve. So that trust and confidence in the financial system is not only preserved, but is strengthened,” she added.
The newly appointed BAP managing director is Elfren Antonio Sarte Jr., replacing the outgoing Benjamin Castillo who served the association since 2017.
Other officers who were elected Metropolitan Bank & Trust Co. president Fabian Dee as first vice president, Land Bank of the Philippines president and CEO Lynette Ortiz as second vice president, BDO Private Bank president Joseph Albert Gotuaco as treasurer and Citibank N.A. CEO Paul Favila as secretary.