Teddy Limcaoco named as BAP’s new president

Bank of Philippine Islands’ chief executive Jose Teodoro K. Limcaoco, has been elected as the new president of the Bankers Association of the Philippines (BAP), replacing East West Banking Corp. vice chair Antonio Moncupa Jr.

Limcaoco emphasized that the banking industry must be a force of stability and growth to keep the country’s economy progressing amid renewed challenges from global economic headwinds.

Other officers elected for the term 2023-2024 include Lynette V. Ortiz, CEO of Standard Chartered Bank as 1st Vice President, Eugene S. Acevedo,pPresident and CEO of Rizal Commercial Banking Corporation as 2nd Vice President, Edwin R. Bautista, president and CEO of Union Bank of the Philippines as treasurer, and Michelangelo R. Aguilar, President and CEO of Bank of Commerce as secretary.

The BAP’s new leadership team is poised to steer the banking industry towards greater heights and contribute to the growth of the Philippine economy.

China inflation stays low as growth sputters

Chinese inflation came in flat again in May, official figures showed Friday, as the country’s economy sputters owing to softening demand and falling exports, leading to calls for a rate cut and a bigger government stimulus.