Michael de Jesus named chairman of DBP Daiwa

Development Bank of the Philippines’ chief executive, Michael O. de Jesus, has assumed the chairmanship of DBP Daiwa Capital Markets Philippines Inc., succeeding Emmanuel G. Herbosa.

DBP Daiwa is a joint venture between the Development Bank of the Philippines and Japan’s Daiwa Securities Group.

De Jesus, who became DBP’s president and CEO in January 2023, will lead the stock brokerage firm alongside a consortium of stakeholders that includes Daiwa Securities and Pan Malayan Management and Investment Corp., which is owned by the Yuchengco family.

DBP Daiwa reported a loss of P13 million in 2021, down from P23 million in the previous year.