RCBC [RCB 25.50, down 1.5%] [link] has appointed former Finance Secretary Carlos Dominguez III as an independent director, succeeding Gabriel Claudio, whose term ended on July 28, 2025. Mr. Dominguez will also serve as chairperson of the Yuchengco-led bank’s Related Party Transactions Committee and Anti-Money Laundering Committee, in addition to being a member of the Corporate Governance and Nominations Committee. Mr. Dominguez brings over four decades of experience in both government and the private sector. He previously served as finance secretary under the Duterte administration. In the private sector, he held leadership roles as president and/or CEO of several companies, including BPI Agricultural Development Bank and Philippine Airlines.
MB bottom-line: As the former secretary of finance, Carlos “REIT Daddy” Dominguez obviously has a ton of experience and a thick Rolodex of relationships that any bank would find valuable to have on its board. Sure, it’s a little bit of “revolving door” rot between the public and private sector, but the DoF doesn’t have a direct regulatory relationship with the banks, so it’s not great, but it’s also not terrible. I may not have agreed with much of REIT Daddy’s approach when he was a Duterte cabinet member, but I have to respect the guy’s knowledge and experience. He’s a fighter who could prove to be a valuable board asset.
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