FRESH ONE-YEAR TERM UNDER THE GOCC ACT OF 2011. Finance Secretary and PDIC Board Chairman Cesar V. Purisima administers the oath of office of PDIC Directors Valentin A. Araneta, Rogelio W. Manalo and Protacio T. Tacandong after being reappointed by President Benigno S. Aquino III to the PDIC Board.

President Benigno S. Aquino III re-appointed as Directors to the PDIC Board of Directors incumbent President Valentin A. Araneta and private sector representatives, Rogelio W. Manalo and Protacio T. Tacandong, to a new term ending June 30, 2013.

President Aquino also approved the nomination of Valentin Araneta as President and Chief Executive Officer of the Corporation for the same term. Under the GOCC Governance Act of 2011, the Chief Executive Officer of the GOCC shall be elected annually by the Board from among its ranks.

Mr. Araneta has over 30 years of experience in the banking industry including stints in top management and membership in boards of universal banks.

Mr. Manalo is a businessman who has served as head, officer and director of various government agencies and private banks.

Mr. Tacandong is the Chief Operating Officer of accounting and consulting firm Reyes Tacandong & Co. (RT&Co.), which he co-founded in 2010. He was National President of the Philippine Institute of Certified Public Accountants (PICPA) in 2008.

Their appointments were among the first under Republic Act 10149 or the Government-Owned and Controlled Corporations (GOCC) Governance Act, signed in June 2011 and considered by the Aquino administration as a milestone law that will strengthen government’s capability to ensure that GOCCs perform and deliver results.

The objective of the GOCC Governance Act is to promote financial viability and fiscal discipline in GOCCs and to strengthen the role of the State in its governance and management to make them more responsive to the needs of public interest. The law also provides for the creation of the Governance Commission of GOCCs (GCG) as the “central advisory, monitoring and oversight body with authority to formulate, implement and coordinate policies.” Among others, the GCG is authorized to evaluate the performance and determine the relevance of a GOCC, implement the reorganization, merger or streamlining of a GOCC, conduct compensation studies; and develop and recommend to the President a competitive compensation and remuneration system which shall attract and retain talent, at the same time allow the GOCC to be financially sound and sustainable.

Mssrs. Araneta, Tacandong and Manalo recently took their oath of office before Finance Secretary and PDIC Chairman Cesar V. Purisima at the Department of Finance.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.