President Benigno Simeon S. Aquino III has appointed Jose A. Nuñez, Jr. and Francisco F. Del Rosario, Jr. as the new Chairman and President and Chief Executive Officer, respectively, of state-owned Development Bank of the Philippines (DBP).

Nuñez has an extensive career in banking and management, while Del Rosario returns to the DBP having been its chairman, vice chairman, and chief operating officer from 1995 to 1998.

Nuñez is chairman of Asian Express Money Services Corporation, a company engaged in foreign exchange dealership, money changing, and global remittance services. He was also a former director of Philippine Veterans Bank, serving as chairman of its board credit committee and member of the executive and corporate governance committees.

He has also been vice chairman and chief executive officer of Federal Savings and Mortgage Bank from 1997-2000 until its merger with Security Bank Corporation; and executive vice president and chief operating officer of Premiere Development Bank from 1982-1986 and 1989-1991. He has also been affiliated with Allied Banking Corporation, and Rizal Commercial Banking Corporation.

Nuñez was also a director and assistant to the chairman of Philippine Phosphate Fertilizer Corporation; Asia-Pacific region representative to the Global Board and International Operations Policy Committee of Diners Club International Ltd.; and chairman, president & chief executive officer of SB Cards Corporation.

He also serves as director of Camp John Hay Development Corporation, Northwood Resources Corporation, Citystate Savings Bank, Tranzen Group, Inc., La Costa Development Corporation, Agus 3 Hydropower Corporation, Universal LRT Corporation Ltd., and Goldenville Holdings Corporation.

Nuñez has a Bachelor of Arts major in Economics degree (Honors Program) from Xavier University, and is a candidate for a Masters in Business Administration degree from the Ateneo de Manila University.

“I am happy to be back with the DBP – this is something I have always wanted to do,” said new DBP president & CEO Francisco Del Rosario, Jr. who was asked to handle another government institution but opted to go back to the state-owned bank. “I am confident that the bank will be able to help the Aquino administration in harnessing public-private partnerships towards the fast-tracking of infrastructure and countryside development.”

Del Rosario said he believes DBP will become a model of good corporate governance in the public sector, even as he called on DBP officers and staff to observe prudence in all bank operations. “We also need to resurrect the values of punctuality and promptness of service that define the concept of efficient and responsive public service,” he added.

During his first tenure with DBP, he was involved in the overall operations of the bank, its branches and subsidiaries. He also served in a concurrent capacity as undersecretary and executive director of the Coordinating Council of the Philippines Assistance Program (Office of the President) where he supervised the activities of the Overseas Development Assistance Group and Build, Operate and Transfer (BOT) Center. He was involved in the raising of Official Development Assistance (ODA) funds from multilateral and bilateral funding institutions and was a member of the Investment Coordinating Committee which approved major infrastructure projects.

Del Rosario brings to his new post a checkered career in banking, finance, treasury, business management, and government service. Prior to his appointment, he was president & chief executive officer of Roxas & Company and Roxaco Land Corporation, as well as president of Habitat for Humanity Philippines.

He also served as undersecretary for finance of the Department of National Defense in 2005, and chairman of UCPB General Insurance Co., Inc. from 2003 to 2005. Del Rosario was also chairman & chief executive officer of Asia Pacific Network Holdings, Inc. from 1998 to 2005 where he was engaged in financial advisory, mergers and acquisitions, and asset management.