UCPB president Joey Macadaeg resigns

Government-run United Coconut Planters Bank (UCPB) announced the resignation of its president and CEO Joey Macadaeg Jr.

UCPB said Macadaeg cited personal reasons for leaving the job.

Macadaeg’s resignation, however, will only take effect upon acceptance by President Duterte.

“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,” the state-run bank said.