Board of Directors

Frederick Y. Dy

Frederick Y. Dy

63, was elected Chairman Emeritus on April 28, 2015. He was elected Vice Chairman of the Board on April 4, 1989 before assuming the Chairman’s position from April 1991 to April 2015. He is the Chairman of St. Luke’s Medical Center (since August 2011), Chairman of City Industrial Corporation (since June 1994), Independent Director of PLC-Nickel Asia Corporation (since September 2010) and a Director of Ponderosa Leather Goods Co., Inc. (since May 1980).

Alberto S. Villarosa

Alberto S. Villarosa

67, was elected Chairman of the Board on April 28, 2015. He was elected to the Board on October 2002 before assuming the position of President and Chief Executive Officer of the Bank on January 5, 2004. Prior to this, he was Senior Executive Vice President and Chief Operating Officer.

He is currently a member of the Executive, Nominations and Remuneration, Corporate Governance, Restructuring and Finance Committees. He is a Member of the Society of Fellows of the Institute of Corporate Directors (since July 2006). He is a Director of Catholic Travel, Inc. (since March 2009).

He was the President of the Bankers Association of the Philippines (from April 2012 to March 2013) and Director (from March 2014 to October 2015). He was the Chairman and Director of SB Capital Investment Corporation (from April 2004 to August 2016), Security Bank Savings Corporation (from February 2012 to May 2015) and SB Rental Corporation (from May 2014 to May 2015). He was the Chairman of SBM Leasing, Inc. (from July 2011 to May 2014) and a Director of SB Cards Corporation (from December 2012 to June 2013). Mr. Villarosa has extensive banking experience in the areas of Treasury, Investment Banking and Consumer Banking. Prior to joining the Bank, he was the Executive Vice President and Treasurer of Bank of the Philippine Islands (BPI) (from October 1996 to October 2002). During that time, he was a Director in several BPI subsidiaries, among which wereBPI Family Bank, BPI Forex Corporation and BPI Investment Management, Inc. Prior to joining BPI, he was Director/President of CityTrust Securities Corp. (from 1998 to 2003) and with CityTrust Banking Corporation (from 1987 to 1996) where the last position he held was Executive Vice President/Treasurer and President of CityTrust Investment Philippines (from 1997 to 1998). Prior to this, he was a Vice President of Citibank N.A. (from 1984 to 1987). He graduated with a Bachelor of Science Degree in Commerce from University of San Carlos, Cebu City and earned his Master’s Degree in Business Management from the Asian Institute of Management.

Anastasia Y. Dy

Anastasia Y. Dy

60, was elected to the Board in April 1996. She was appointed as Vice Chairman on April 24, 2018. She was the Bank’s Executive Director (from September 1994 to April 23, 2018) and Corporate Treasurer (from 1994 to September 2004).

She is a member of Finance Committee and an alternate member of the Executive Committee. She is a Director of Woodchild Holdings (since 1991), Woodson Holdings (since 1991) and Ponderosa Leather Goods, Co., Inc. (since 1995). She is a Trustee and Treasurer of Tany Foundation, Inc. (since January 2007) and a Trustee and President of Security Bank Foundation, Inc. (since 2001), a Trustee/Assistant Corp. Secretary of New Tribes Church Planters of the Phils. (since 2004) and a Trustee/Treasurer of Percept Ministries International of the Phil. Islands (since 2005). She graduated from

the University of the Philippines with a Degree in Business Administration and earned units for a Master’s Degree in Business Administration from De La Salle University.

Alfonso L. Salcedo, Jr.

Alfonso L. Salcedo, Jr.

62, was elected Director and appointed President and Chief Executive Officer of the Bank on April 28, 2015. He is a member of the Trust, Restructuring and Finance Committees. He is also Vice Chairman of the Executive Committee.

He is the Chairman of SB Finance, formerly Security Bank Savings Corporation (since May 2015). He is a Director and Vice Chairman of SB Capital Investment Corporation (since May 2015). He is also a Director of SB Cards Corporation (since May 2015), SB Rental Corporation (since May 2015) and SB Equities, Inc. (since August 2016). He is a Trustee of Security Bank Foundation (since April 2015). He is a Director of the Bankers Association of the Philippines (since October 2015). Prior to joining the Bank, he was a former executive of the Bank of the Philippine Islands (from 2000 to March 2015), with his last position as Executive Vice President in charge of Corporate Clients Segment. He served as President of BPI Family Savings Bank (from 2004 to 2010), BPI Insurance Group (from 2000 to 2004) and Allstate Life Insurance (Philippines) in 1999. He served in the retail banking operations of Citibank Philippines as Country Marketing Director and Retail Bank Business Manager for 10 years before joining BPI. He served as Marketing Director for Nippon Vicks KK (Japan) based in Osaka for five years (from 1983-1987). He was a member of the Board of BPI’s subsidiaries and affiliates, specifically: BPI Capital Corporation, BPI Direct Savings Bank, BPI-Philam Life Assurance Corporation, BPI Rental Corporation, BPI Leasing Corporation and Ayala Automotive Holdings Corporation. He received his AB Economics Honors degree (with honors) from the Ateneo de Manila University in 1977 and completed the Advanced Management Program at Harvard Business School in 2006.

Diana P. Aguilar

Diana P. Aguilar

54, was elected to the Board on April 25, 2017. Prior to this, she was a Director of Security Bank Corporation (from November 2010 to April 2016) and was appointed as Senior Advisor to the Board on July 26, 2016.

She is the Chairperson of the Trust Committee and a member of the Related Party Transactions Committee. She is a Commissioner of the Social Security System (since August 2010). She also serves as Chairperson of SB Capital Investment Corporation (since August 2016).

She is a Commissioner of the Social Security System (since August 2010). Recently, she was elected as one of the members of the Board of Governors of the Employers Confederation of the Philippines (since January 2017), Member of the Board of Directors of Ionics Inc. (since December 2016), Consultant and Senior Advisor to the Board of PLC- Phil. Seven Corporation (since January 2015), Board Member of Capital Markets Development Board (since 2013), Director of Wenphil Corporation (since 2012), Director of Electronic Commerce Payment Networks, Inc. (since 2004) and Treasurer of De La Salle Santiago Zobel School (since 2004).

She was a member of the Board of Directors of the PLC- Philex Petroleum Corporation (from 2014 to 2017), Director of Phoenix Petroleum Philippines, Inc. (from 2010 to 2013) and CLSA Exchange Capital Corp. (from 2001 to 2002). She was a member of the Board of Trustees of De La Salle Santiago Zobel School (from 2004 to 2010), Director of PLC – Phil. Seven Corporation (from 1999 to 2015) and Vice President for Corporate Finance of Jardine Fleming Exchange Capital Corporation Group, Inc. (from 1988 to 2001).

She holds a Master’s degree in Business Administration major in International Business and Finance from Pepperdine University in California and is a Bachelor of Science in Computer Studies from De La Salle University in Manila.

Atsushi Murakami

Atsushi Murakami

57, was elected to the Board on May 31, 2018. He is a member of the Bank’s Corporate Governance Committee.

He is the Senior Managing Executive Officer of MUFG Bank concurrently serving as the Deputy Chief Executive of the Global Business Unit, Deputy Head of Digital Transformation Division and Managing Executive Officer of the Global Business Group (since May 2010). He is also the Vice Chairman and Director of Bank of Ayudhaya Public Company Limited (Thailand) (since July 2018).

He held various positions in MUFG Bank Ltd. (formerly The Bank of Tokyo Mitsubishi UFJ, Ltd.) (since May 2010 to April 2018) including Managing Executive Officer, Chief Executive, Managing Corporate Executive and Managing Director of the Retail Banking Business Group. He was a Director of ACOM Co., Ltd. (from June 2016 to June 2018) and Kabu.com Securities Co., Ltd. (from June 2004 to May 2010) and a Non-Executive Director of Bank of Ayudhaya Pubic Company Ltd. (Thailand) (from May 2015 to July 2016). He earned his Bachelor of Laws degree from Osako University, Osaka, Japan, and his Master of Laws degree from the University of Pennsylvania Law School, Philadelphia, U.S.A.

Takahiro Onishi

Takahiro Onishi

51, was elected to the Board on April 1, 2016.

He is a member of the Bank’s Risk Oversight Committee. Prior to joining the Bank, he held various positions in BTMU including Deputy General Manager of the Global Corporate Banking Division of BTMU, Deputy General Manager of the Asian Investment Banking Division in Hong Kong (from 2013 to 2015), Chief Manager of Asian Investment Banking Division in Singapore (from 2012 to 2013), Assistant General Manager of the Investment Banking Department of the Bangkok Branch, Thailand (from 2009 to 2012), Senior Manager of Global Markets Marketing Division of BTMU (from 2007 to 2009), Associate Director of Tokyo Mitsubishi International in London (from 2003 to 2007), Manager of Derivatives and Structured Products Division (from 1999 to 2003). He graduated from the Faculty of Law at Waseda University.

Rafael F. Simpao, Jr.

Rafael F. Simpao, Jr.

74, was re-elected to the Board on April 26, 2016. He was a Director of the Bank (from June 1995 to March 2016). Prior to this, he was the President of the Bank from (October 1995 to January 2004), Executive Vice President (from 1991 to 1995) and Senior Vice President (from 1985 to 1991). He is the Chairman of the Bank’s Executive and Restructuring Committees and a member of the Audit and Risk Oversight Committees.

He is the Chairman of Security Bank Foundation, Inc. (since 1997). He is the Chairman of Keyland-Ayala Corporation, formerly known as Security Land Corporation (since 2011); a Director of SB Capital Investment Corporation (since 1995); a Trustee and Treasurer of New Tribes Church Planters of the Philippines (since 2004); and a Trustee of Tany Foundation, Inc. (since 2007). He was a Director of the Bankers’ Association of the Philippines (from 2002 to 2004), a Director and Treasurer of LGU Guaranty Corporation (from 2000 to 2005), Trustee and Treasurer of Christ’s Commission Fellowship (from 2006 to 2009) and International Graduate School of Leadership (from 1994 to 2014) and a Trustee of the Cultural Center of the Philippines (from 2000-2001). He graduated from the Ateneo de Manila University with a Bachelor of Science degree in Economics and is a candidate for a Master’s Degree in Business Administration from De La Salle University.

Cirilo P. Noel

Cirilo P. Noel

61, was elected to the Board on 24 April 2018.

He is a Trustee of SGV Foundation and St. Luke’s Medical Center (since August 2017).

He retired recently as Chairman and Managing Partner of SyCip Gorres Velayo & Co. (SGV), the Philippine member firm of Ernst & Young Global Limited (EY) (from 2010 to 2018). He has ushered SGV into a period of rapid expansion in terms of staff size, breadth of services, client base and geographic coverage. He was with the Firm for 33 years.

He was a member of the EY Global Advisory Council and the EY Asia Pacific Advisory Council for two terms or six years and was the Presiding Partner of the EY Far East Asia Advisory Council and the EY ASEAN Partners Forum. He also served as ASEAN Sub-Area Tax Head and the Far East Area Business Tax Services Leader.

He is a founding board member of the US-Philippines Society, the audit committee chair and a trustee of the Makati Business Club. He is a member of the ASEAN Business Club. He is also a former governor of the Management Association of the Philippines. He has also served as president of the Harvard Law Alumni Association of the Philippines and as a member of the board of trustees of the Harvard Club of the Philippines.

He graduated from the University of the East in Manila with a degree in Business Administration and holds a Bachelor of Laws degree from the Ateneo de Manila University Law School. He obtained his Master’s degree in Law from the Harvard Law School and is a fellow of the Harvard International Tax Program. He also attended the Management Development Program at the Asian Institute of Management.

Independent Directors

Philip T. Ang

Philip T. Ang

76, was elected to the Board on February 21, 1980.

He is the Chairman of the Nominations and Remuneration Committee, member of the Risk Oversight Committee and non-voting member of the Bank’s Executive Committee. He is the Chairman and Director of Hinatuan Mining Corporation and Cagdianao Mining Corporation (since September 2008); Vice Chairman and Director of PLC-Nickel Asia Corporation (since July 2008) and Taganito Mining Corporation (since May 2005). He is a Director of Rio Tuba Nickel Mining Corporation (since 2013). He is the Independent Director of SB Capital Investment Corporation (since February 2010). He was an Independent Director of SBM Leasing Inc. (from May 2010 to February 2017) and Chairman and President of Solid Mills, Inc. until his retirement in late 2002. He graduated from the Oregon University with a degree in Business Administration and a Master’s Degree in Business Administration from the University of Denver.

Joseph R. Higdon

Joseph R. Higdon

76, was elected the Board on May 29, 2012.

He is a member of the Bank’s Audit, Corporate Governance and Nominations and Remuneration Committees.

He is an Independent Director of PLC- International Container Terminal Services, Inc. (since 2007), PLC-SM Investments Corporation (since 2011) and

Philippine Equity Partners (since 2016). He was a member of the Advisory Board of Coca-Cola Bottling Company, Philippines (from 2007 to 2012) and a Director of BPI Globe BanKO Inc. (from 2010 to 2012). He joined Capital Research and Management, a Los Angeles-based international investment management firm, as a Senior Vice President (from 1974 to 2006) and has covered Philippines stocks (from 1989 to 2006). Prior to this, he was a US Peace Corps Volunteer in the Philippines (from 1962 to 1964). Mr. Higdon holds a BS Degree from the University of Tennessee System.

James J. K. Hung

James J. K. Hung

71, was elected to the Board on April 24, 1990.

He is the Chairman of the Bank’s Audit Committee and a member of the Nominations and Remuneration Committees and Risk Oversight Committees. He is the Chairman of Asia Securities Global Group (Hong Kong, since 1993) and Xingya Real Estate Development Co. (China, since 1993). He is a Director of Franklin Templeton Investment Fund (Luxembourg, since 2001). He was a Director in Templeton Emerging Markets Trust Placements (from 1989 to 1999), Taiwan Index Fund Limited (from 1991 to 2003) and Franklin Sealand Fund Management Co. Ltd (from 2012 to January 2018). He graduated from Babson College with a Master’s Degree in Business Administration major in Finance.

Ramon R. Jimenez, Jr.

Ramon R. Jimenez, Jr.

62, was elected to the Board on 25 April 2017.

He is the Chairman of the Bank’s Related Party Transactions Committee and a member of the Risk Oversight and Trust Committees.

Prior to his appointment as Independent Director of the Bank, he was the Secretary of the Department of Tourism (from September 2011 to June 2016). He has over 35 years of experience in the field of advertising and has been closely associated with the rise of many home-grown Philippine brands, starting his career as Associate Creative Director in Ace Compton Advertising (from 1976 to 1988). He was the Joint Chief Executive Officer of JimenezBasic Advertising – a start-up boutique agency called Jimenez & Partners which after several mergers, became known in 2011 as Publicis JimenezBasic (from 1989 to 2008). He was likewise the Joint Chief Executive Officer and Senior Consultant of Winning Over Obstacles (WOO) Consultants (from 1988 to 1989). He was also the Vice President and Creative Director of Ace-Saatchi & Saatchi Advertising (from 1988 to 1989). He graduated from University of the Philippines with Bachelor’s degree in Fine Arts, major in Visual Communications.

Dr. Jikyeong Kang

Dr. Jikyeong Kang

56, was elected to the Board on April 25, 2017. She is the Chairperson of the Corporate Governance Committee and a member of the Related Party Transactions and Trust Committees.

Dr. Kang is President and Dean of the Asian Institute of Management (AIM), and holds the MVP Chair in Marketing. Prior to assuming her post at AIM, Dr. Kang was Director of the DBA Program at Manchester Business School (MBS) from 2010 to 2014. At MBS, she also served as Director of the Postgraduate Centre in charge of their MBA Programs from 2001 to 2007, where she was instrumental in propelling the full-time MBA Program’s Financial Times ranking from 47th in the world in 2002 to 22nd in 2007, the highest ranking it has ever achieved. Whilst she was in charge of the MBA Programs, MBS became one of the first schools in the world to earn triple accreditation from AACSB, EQUIS, and AMBA.

Dr. Kang currently serves on the International Board of AACSB, the world’s largest business education alliance, and on the Board of EFMD, an international 900-member organization of business schools and corporations. She is also an Independent Director of Kesoram Industries, which is part of the B K Birla Group of Companies in India.

Dr. Kang earned her PhD from the University of Minnesota, her master’s degree from Colorado State University, and a bachelor’s degree from Hanyang University, Seoul, Korea.

Napoleon L. Nazareno

Napoleon L. Nazareno

68, was elected to the Board on 25 April 2017. He is the Chairman of the Bank’s Risk Oversight Committee and a member of the Corporate Governance Committee.

He was a Member of the Supervisory Board of Rocket Internet (from 2014 to 2017), Trustee of Philippine Disaster Recovery Foundation, Inc. (from 2013 to 2015) and Ideaspace (from 2012 to 2015), President and Trustee of First Pacific Leadership Academy (from 2012 to 2015) and Chairman of the Board of Trustees and Board of Governors of the Asian Institute of Management (from 2011 to 2017).

He was the Chairman of several subsidiaries of PLDT and Smart including PLDT Communications and Energy Ventures, Inc. (“PCEV”), ePLDT, Inc. (from 2013 to 2015), Digital Telecommunications Phils., Inc. (Digitel) (from 2012 to 2015), Digitel Mobile Philippines Inc. (Digitel Mobile) (from 2012 to 2015), Smart Broadband Inc. (from 2005 to 2015) and i-Contacts Corporation (from 2001 to 2015). He was the President and Chief Executive Officer of PLC – Philippine Long Distance Telephone Company (PLDT) (from February 2004 to 2015), PLC – Smart Communications, Inc. (from January 2000 to 2015), Connectivity Unlimited Resources Enterprise, Inc. (from 2008 to 2015), Aces Philippines Cellular Satellite Corporation (from 2000 to 2015) and PLDT Communications and Energy Ventures (2004 to 2011). He likewise served as Director of PLC – Manila Electric Company, PLDT Global Corporation, Mabuhay Satellite Corporation, Rufino Pacific Tower Condominium and Operation Smile. He was a non-executive director of First Pacific, a Hong Kong Stock Exchange-listed company, and a Supervisory Board Member of Rocket Internet AG, a company which provides a platform for the rapid creation and scaling of consumer internet businesses outside the U.S. and China. Mr. Nazareno’s business experience spans several countries in over 40 years and his exposure cuts across a broad range of industries, namely, packaging, bottling, petrochemicals, real estate and, in the last 16 years, telecommunications and information technology. Mr. Nazareno received his Master’s Degree in Business Management from the Asian Institute of Management, completed the INSEAD Executive Program of the European Institute of Business Administration in Fountainbleu, France, and was conferred a Doctor of Technology Degree (Honoris Causa) by the University of San Carlos in Cebu City.

Corporate Secretary

Joel Raymond R. Ayson

Joel Raymond R. Ayson

54, was elected Corporate Secretary on July 29, 2004.

He is a Partner in Quasha, Ancheta, Peña & Nolasco Law Offices (since May 1998 to present). He is a member of Integrated Bar of the Philippines, Philippine Bar Association, Immigration Lawyers Association of the Philippines and University of the Philippines Law Alumni Association. He is a founding member of Students Law for Integrity and Democracy – UP College of Law and UP Association of Political Science Majors.

He is the Chairman of Unigrowth Resources & Development Corporation and President and Director of Dubor Backtrenmittel Und Apparatebau AG (Philippines), Inc., President of Bristol Technology System and ATRM Property Holdings, Inc. and Vice President and Director of Amtel Trading Corporation.

He is a Director of ATRM 2 property Holdings, Inc., Quo Vadis Palawan Resort, Inc., Back Office Superior Services, Inc., Asiamed Inc. and Parex Realty Corporation.

He is also a Corporate Secretary and Director of IXSFORALL, Inc., List International, Blue Sky Searesort Corp., Bohol Agro Marine Development Corp., Artbank Holdings, Inc., Tembuli Development Corp., Metropolitan Philippines Resort Corporation and Corporate Secretary of Lapu-Lapu Resort Development, Inc., Bohol Resort Dev., Inc., Lapu-Lapu Resort. He is a Resident Agent of Ceragon Network (HK) Ltd., Medical Services of America Inc., Tanis Food Tec BV, Wagenborg Shipping Holdings BV, Dubor RHQ and OTV France Philippines.

He was the Treasurer and Vice President/Director of the Integrated Bar of the Philippines, Makati City Chapter (from 2001-2009) before he assumed his position as President (from 2009 to 2011). His practice areas are Civil Litigation, Administrative Law, Immigration Law, Insurance Law, Regulatory, General Practice and Special Projects.

He graduated Cum Laude with a degree in Political Science and took post-graduate studies of Bachelor of Laws at the University of the Philippines.

Designation Attendance in Regular Board Meeting Annual Stockholders’ Meeting Organizational Meeting Attendance in Regular Board Meeting
    April 2016  to March 2017 April 25, 2017 April 2017 to September 2017
Frederick Y. Dy Chairman Emeritus 12 of 12 meetings Present Present 6 of 6 meetings
Alberto S. Villarosa Chairman 12 of 12 meetings Present Present 6 of 6 meetings
Paul Y. Ung Vice Chairman 11 of 12 meetings Present Present 3 of 6 meetings
Anastasia Y. Dy Director 12 of 12 meetings Present Present 6 of 6 meetings
Alfonso L. Salcedo, Jr. President/Director 12 of 12 meetings Present Present 6 of 6 meetings
Takayoshi Futae Director 12 of 12 meetings Present Present 5 of 6 meetings
Takahiro Onishi Director 12 of 12 meetings Present Present 6 of 6 meetings
Rafael F. Simpao, Jr. Director 11 of 12 meetings Present Present 6 of 6 meetings
Philip T. Ang Independent Director 10 of 12 meetings Present Present 6 of 6 meetings
Joseph R. Higdon Independent Director 12 of 12 meetings Present Present 6 of 6 meetings
James JK Hung Independent Director 12 of 12 meetings Present Present 6 of 6 meetings
Jikyeong Kang* Independent Director n/a Present Present 5 of 6 meetings
Ramon R. Jimenez, Jr.* Independent Director n/a Present Present 5 of 6 meetings
Napoleon L. Nazareno* Independent Director n/a Present Present 4 of 6 meetings
Diana P. Aguilar* Director n/a Present Present 6 of 6 meetings

*Elected in 25 April 2017 and attended as guests to Regular Board meetings and became regular members in September when SEC approved the increase in number of Board seats.

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