Favila joins UnionBank as independent director

UNION BANK of the Philippines, Inc. (UnionBank) has appointed former Monetary Board member and Trade Secretary Peter B. Favila as independent director.

Mr. Favila will serve the unexpired term of office of Francisco Ed. Lim starting July 3, UnionBank said in a disclosure to the stock exchange on Monday. His appointment was approved by the bank’s board of directors at a meeting on June 27.

At the same meeting, the bank’s board also okayed Mr. Favila’s appointment to various committees, including as chairman of its corporate governance and related party transaction committees and as member of its non-executive board and its operations risk management, market risk, and audit committees.

“Mr. Favila is a distinguished executive with extensive leadership experience in banking, trade, treasury, and public policy,” UnionBank said. “Mr. Favila presently serves in distinct leadership and advisory capacities within the financial and public sectors.”

He served as Trade secretary from 2005 to 2010 and was a member of the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board from 2008 to 2014 and again from 2017 to 2023.

He also held various leadership roles in private companies, including being president and chief executive officer of Philippine National Bank, president of Security Bank Corp., and chairman of the Philippine Stock Exchange, Inc. (PSE).

Mr. Favila is currently an independent director at the PSE, the Securities Clearing Corporation of the Philippines, GT Capital Holdings, Inc., Credit Information Bureau Inc., Sunlife Grepa Financial, Inc., and Malayan Insurance. — A.M.C. Sy