Fernando Zobel Returns to BPI: A Legacy of Leadership Rekindled
In a remarkable turn of events, billionaire Fernando Zobel de Ayala (FZA), an iconic figure in Philippine business, has made a triumphant return to the Board of Directors of the Bank of the Philippine Islands (BPI). This significant development comes as Zobel replaces Director Romeo Bernardo, who recently embarked on a new journey as a member of the esteemed Monetary Board of the Bangko Sentral ng Pilipinas.
The announcement, made in a public disclosure on Thursday, has not only reinstated FZA as a board director but has also bestowed upon him the roles of a member of the executive committee and the personnel and compensation committee, underscoring his renewed commitment to the bank's strategic leadership.
FZA's history with BPI runs deep, with his first election to the BPI board dating back to October 1994. Over the years, he played an instrumental role in the bank's journey, culminating in his tenure as Vice Chair from April 2013 to September 2022 when he took a sabbatical to prioritize his health. During this time, FZA also relinquished his roles as President and Chief Executive of Ayala Corp., responsibilities that were transferred to Cezar “Bong” Consing. Nevertheless, FZA’s influence persisted as he continued to serve as a "special adviser to the board." FZA's gradual resurgence within the Ayala Group began earlier this year when he assumed the
position of board adviser at Ayala Land Inc. in February and became a member of BPI's advisory council in April.
In response to his return, BPI Chair Jaime Augusto Zobel de Ayala (JAZA), his elder brother, expressed his delight, saying, "I am glad to welcome Fernando back to the board of BPI.
Fernando has played a crucial role in the bank's history and transformation throughout his almost three-decade tenure as a nonexecutive director of BPI's board."
This remarkable comeback coincides with positive financial news for BPI, as the bank reported a 23 percent increase in net income for the first half of the year, reaching a staggering P25.1 billion, driven by a 13.8 percent rise in total revenues to P65.6 billion.
The resurgence of Fernando Zobel de Ayala to the forefront of BPI's leadership is not just a story of personal triumph but a testament to his enduring commitment to the institution. As he resumes his influential role within the bank, the business world eagerly anticipates the next chapter in his illustrious career, one that promises to leave an indelible mark on the financial landscape of the Philippines.
BPI Director Romeo Bernardo Returns to the Public Service After nearly three decades, Romeo Bernardo made a triumphant return to the realm of public sector policy work by taking the oath of office as the newest member of the Monetary Board, the policy-making body of the BSP.
For Bernardo, this return to the public sector is akin to rekindling his "first love." During his previous stint in the public sector, he served as undersecretary of the Department of Finance from 1990 to 1996, collaborating closely with then Finance Secretary Roberto de Ocampo during President Ramos's term. His wealth of experience and expertise in fiscal policy and economics made him an invaluable asset to the government. Bernardo's new role on the Monetary Board comes with a significant responsibility—a six-year term of service during which he will help steer the monetary policy of the Philippines. He joins a distinguished group of board members, including Governor Eli Remolona (who by the way is also a former BPI Director), Finance Secretary Benjamin Diokno, Bruce Tolentino, Anita Linda Aquino and fiscal policy veteran Rosalia de Leon.
Bernardo has worked with renowned multilateral institutions such as the World Bank,
International Monetary Fund, and Asian Development Bank. In the private sector, Bernardo has served on the boards of prominent publicly listed companies like Bank of the Philippine Islands, Globe Telecom, Aboitiz Equity Ventures, Monde Nissin, and RFM Corp.
