Bank of the Philippine Islands announced that, at the regular meeting of the Board of Directors held on 17 August 2022, the Board accepted the resignation of Mr. Eli M. Remolona, Jr. as Director, thereby rendering his resignation effective as of even date. Subject To Approve the Bangko Sentral ng Pilipinas (BSP), Mr. Octavio V. Espiritu was appointed by the Board as Interim Chairman of the Risk Management Committee vice Mr. Remolona. Further, the Board likewise approved the medical leave of absence of Mr. Fernando Zobel de Ayala as Vice Chairman of the Board, and resignation as Chairman of the Personnel and Compensation Committee, Vice Chairman of the Executive Committee, and member of the Nominations Committee.

He remains a member of the Board of Directors. The Board appointed Mr. Cezar P. Consing as Acting Vice Chairman of the Board while Mr. Fernando Zobel de Ayala is on medical leave. Mr. Consing was also appointed Vice Chairman of the Executive Committee.

Mr. Fernando Zobel de Ayala's replacement in the Personnel and Compensation Committee and the Nominations Committee will be appointed in due course.