PNB Board elects Cua as chairman, Casuela as president

28 April 2023 — Philippine National Bank (PSE: PNB) has announced that its Board of Directors has approved the appointment of Edgar A. Cua as Chairman and Florido P. Casuela as President effective April 25, 2023. The election was held during an organizational meeting following the bank’s annual stockholders’ meeting held on April 25.

An Independent Director, Cua has served as PNB director for seven years and was first appointed on May 31, 2016. He has held various positions at the Asian Development Bank (ADB) during a 30-year professional career. He retired from ADB in 2015 as Senior Advisor of the East Asia Department, based in ADB’s Resident Mission in Beijing, People’s Republic of China (PRC). He served as Deputy Director General, East Asia Department and as Country Director of the ADB Resident Mission in Indonesia. He was a member of the country team that set up the ADB Resident Mission in PRC, where he was the first Deputy Country Director.

Cua completed his Bachelor of Arts in Economics (honors program) at the Ateneo de Manila University. He obtained his Master of Arts in Economics and his Master of Planning in Urban and Regional Environment from the University of Southern California. He took Advanced Chinese Language and History at the Beijing Language Culture University, as well as the Sustainable Development Training Program at Cambridge University.

Casuela, on the other hand, joined PNB in 2006 as Director. He was appointed as the Bank’s Acting President on July 5, 2022, after former President and CEO Jose Arnulfo Veloso was appointed as President and General Manager of the Government Service Insurance System. Casuela is currently the Chairman of PNB Securities, Inc. He is also a director of Allianz PNB Life Insurance, Inc.; PNB International Investments Corporation; PNB RCI Holdings Co., Ltd.; and Bancnet, Inc.

Formerly, he served as Chairman of Casuela Equity Ventures, Inc.; Director of Surigao Micro Credit Corporation; and Senior Adviser of the Bank of Makati, Inc. Likewise, he was a Director of Manila Electric Co.; Special Assistant to the Chairman of the National Power Corp.; Director of Sagittarius Mines; Senior Executive Vice President of United Overseas Bank (formerly Westmont Bank); Senior Vice President of Philippine National Bank; First Vice President of Bank of Commerce; Vice President of Metropolitan Bank & Trust Co. Prior to PNB, he served as President of the Land Bank of the Philippines and Maybank Philippines, Inc.

Casuela is a Certified Public Accountant. He obtained both his Bachelor of Science degree in Business Administration, major in Accounting, and his Master’s degree in Business Administration from the University of the Philippines. He is one of the 10 awardees of the 2001 Distinguished Alumni Award of the UP College of Business Administration. He has attended an advanced management program for overseas bankers from the Philadelphia National Bank in conjunction with Wharton School of the University of Pennsylvania and attended a study tour on Micro Finance Program and Cooperatives under the auspices of the United States Agency for International Development (USAID).

PNB also welcomed Maria Almasara Cyd N. Tuaño-Amador to its Board of Directors. She is a former Deputy Governor of the Resource Management Sector of the Bangko Sentral ng Pilipinas (BSP). She was also a member of the Advisory Panel of the ASEAN+3 Macroeconomic Research Office, based in Singapore. Likewise, she served as Senior Advisor to the Executive Director of the International Monetary Fund in Washington, D.C.

Cyd Tuaño-Amador obtained her Bachelor of Science and Master of Arts degrees from the University of the Philippines School of Economics. She earned her Master of Science degree at the Graduate Institute of Policy Science in Tokyo, Japan and her Doctor of Philosophy degree in Economics at the Australian National University.

PNB’s roster of Board members include Edgar A. Cua, Leonilo G. Coronel (Vice Chairman), Felix Enrico R. Alfiler, Florido P. Casuela, Estelito P. Mendoza, Isabelita M. Papa, Sheila T. Pascual, Wilfrido E. Sanchez, Carmen K. Tan, Lucio C. Tan, Lucio C. Tan III, Michael G. Tan, Vivienne K. Tan, Maria Almasara Cyd N. Tuaño-Amador, and Domingo H. Yap.