Duterte’s nominee, UCPB president Macadaeg, resigns

The president of state-owned United Coconut Planters Bank (UCPB) has resigned on Friday, citing personal reasons.

“UCPB confirms the resignation of its president and CEO Higinio O. Macadaeg Jr. due to personal reasons,” the bank said in a statement.

“His resignation will take effect upon acceptance by President Duterte,” the bank said.

A hand-written resignation letter, addressed to Duterte, was earlier sent to the media.

“UCPB would like to assure its clients and other stakeholders that there are procedures in place to ensure an orderly transition and that the bank will continue to provide and deliver its services to the public,” UCPB said.

Nominated by President Rodrigo Duterte, Macadaeg was elected as president of the bank in October 2016.

He was UCPB’s head of Corporate and Consumer Banking Group.

Macadaeg held various managerial posts in the private sector before joining the UCPB in 2003.

He was the executive vice president and senior credit officer of Equitable PCI Bank from 2001 to 2002. He served as senior vice president of Metropolitan Bank and Trust Co. from 2000 to 2001, and senior vice president of Solidbank Corp. from 1993 to 2000.

Macadaeg was the president of Standard Chartered Bank from 1990 to 1993, and assistant vice president at Citytrust Banking Corp. from 1982 to 1989. —Ted Cordero/VDS, GMA News