Advisory Council

The Bank has an Advisory Council, organized in April 2016, comprised of senior thought leaders, captains of industry and luminaries in their respective fields, taking on an advisory role to the Chairman. The Advisory Council further expands the range of expertise, experience and collective wisdom available to the Bank. The following are the appointed members of the Advisory Council for the term 2021-2022.


Delfin L. Lazaro


Filipino, 74 years old. First appointed as a member of the Advisory Council in April 2016, he serves as a member of the Board of Directors of publicly-listed companies: Ayala Corporation (January 2007 to present), Ayala Land, Inc. (1996 to present), Globe Telecom (1997 to present), Integrated Microelectronics, Inc. (2000 to present) and Manila Water Company, Inc. (2002 to present) all of which are part of the Ayala Group. His other significant positions include: Chairman of Atlas Fertilizer & Chemicals Inc.

He also serves on the boards of various subsidiaries of Ayala Corporation. He is Chairman, Non-Executive Director in the following: A.C.S.T. Business Holdings, Inc., AYC Holdings Ltd. He is a Non-Executive Director on the boards of the following: AC Energy Holdings, Inc.; AC Industrial Technology Holdings, Inc., and AC International Finance Limited. He is also Chairman and Vice-President of Asiacom Philippines, Inc.

He graduated with BS Metallurgical Engineering at the University of the Philippines in 1967 and took his MBA (with Distinction) at Harvard Graduate School of Business in 1971.


Mercedita S. Nolledo


Filipino, 80 years old. First appointed as a member of the Advisory Council in May 2021. Ms. Nolledo served as member of the Board of Directors of BPI for thirty years from 1991 to 2021. She likewise served as the Chairman of the Bank’s Retirement & Pension Committee and a member of the Corporate Governance Committee.

Ms. Nolledo is a Non-Executive Director of Xurpas, Inc. and an Independent Director of D&L Industries, Inc., both PSE-listed companies. She serves as Director of the following companies: Ayala Land Commercial REIT, Inc., Michigan Holdings, Inc., and Anvaya Cove Beach and Nature Club, Inc.

She is a member of the Board of Trustees of Ayala Foundation, Inc. and BPI Foundation, Inc. as well as Vice-President of Sonoma Properties, Inc. She was a member of the Board of Directors of Ayala Corporation from 2004 until September 2010.

Ms. Nolledo graduated with the degree of Bachelor of Science in Business Administration major in Accounting (Magna Cum Laude) from the University of the Philippines in 1960 and placed second at the Certified Public Accountant Licensure Board Examination administered in the same year.  In 1965, she obtained her Bachelor of Laws degree (Cum Laude) also from the University of the Philippines where she also placed second at the Bar Examination held in the same year.



Artemio V. Panganiban


Filipino, 83 years old. First appointed as a member of the Advisory Council in April 2016, the retired Chief Justice of the Supreme Court of the Philippines served on the Board of Directors of the Bank of the Philippine Islands (BPI) as Independent Director from April 15, 2010 to April 14, 2016. From 2010 to 2016, he likewise served as the Chairman of the Corporate Governance committee.

Mr. Panganiban is an independent director of the following listed corporations: Manila Electric Company (2008-present), Petron Corporation (2010-present), First Philippine Holdings Corporation (2007-present), Metro Pacific Investments Corporation (2007-present), Robinsons Land Corporation (2008-present), GMA Network (2007-present), GMA Holdings (2009-present), Asian Terminals (2010-present), and Philippine Long Distance Telephone Company (2013-present).

He also holds the following positions: Non-executive director of Jollibee Foods Corporation (2012-present); adviser, Double Dragon Properties Corporation (2014 to present); senior adviser, Metropolitan Bank and Trust Company (2007 to present); Chairman, Board of Advisers, Metrobank Foundation and Asian Institute of Management Ramon V. Del Rosario Sr.-C.V. Starr Center for Good Corporate Governance; Chairman Emeritus, Philippine Dispute Resolution Center; President, Manila Metropolitan Cathedral-Basilica Foundation; member, Board of Advisers, Johann Strauss Society; member, Advisory Group of The World Bank (Philippines); Chairman, Board of Trustees, Foundation for Liberty and Prosperity; and member, Board of Trustees, Tan Yan Kee Foundation and Claudio Teehankee Foundation. He is also a columnist of the Philippine Daily Inquirer and the Chairman of the Philippine National Committee of the Asean Law Association. On August 18, 2017, he was named member of the Permanent Court of Arbitration in The Hague, Netherlands.

From 1995 to 2006, Mr. Panganiban held various government posts, including Associate Justice of the Supreme Court, chairman of the Presidential Electoral Tribunal, Judicial and Bar Council, Philippine Judicial Academy, House of Representatives Electoral Tribunal and Member of the Senate Electoral Tribunal.

​​​​​​​Mr. Panganiban graduated with the degree of Bachelor of Laws, cum laude, from Far Eastern University in 1960 and placed 6th in the Bar Examinations of the same year. He obtained his Doctor of Laws (Honoris Causa) from various universities, including the University of Iloilo (1997), Far Eastern University (2002), University of Cebu (2006), Angeles University (2006), and Bulacan State University (2006).



Oscar S. Reyes


Filipino, 74 years old. First appointed as a member of the Advisory Council in April 2016, he served as a member of the Board of Directors of Bank of the Philippine Islands from April 2003 until April 14, 2016. He was elected as an Independent Director in April 2015 and was a member of the Audit Committee from 2003 to 2016, and of the Corporate Governance, Personnel & Compensation and Related Party Transaction Committees during the 2015 to 2016 term.

Mr. Reyes is a member of the Advisory Board of the Philippine Long Distance Telephone Company (PLDT) and of the Board of Directors of Manila Water Co., Pepsi Cola Products Philippines Inc. (Chairman), PLDT Communications and Energy Ventures Inc., Team Energy Corporation, Basic Energy Corporation, Cosco Capital Inc. Sun Life Financial Phils., Inc., Sun Life Prosperity Funds, Philippine Dealing System Group, among other firms. He served as President and Chief Executive Officer and Director, of Manila Electric Company (Meralco) and was Chairman of a number of Meralco’s Subsidiaries. He also served as Country Chairman of the Shell Companies in the Philippines and concurrently President of Pilipinas Shell Petroleum Corporation and Managing Director of Shell Philippines Exploration B.V. He is a member of the Board of Trustees of the Philippine Disaster and Relief Foundation (PDRF), One Meralco Foundation, Inc., Pilipinas Shell Foundation, Inc., SGV Foundation, Inc. and El Nido Foundation, Inc.

​​​​​​​He finished his Bachelor of Arts Major in Economics (cum laude), from the Ateneo de Manila University in 1965 and Master of Business Administration (academic units completed) from the Ateneo Graduate School of Business Administration in 1971; Program for Management Development from the Harvard Business School, Boston, in 1976; and Commercial Management Study Program at the Lensbury Centre, Shell International Petroleum Co., United Kingdom. He also took up the Business Management Consultants and Trainers Program at the Japan Productivity Center/Asian Productivity Organization, Tokyo, in 1968; and the International Management Development Program leading to a Diploma in Business Administration and a Certificate in Export Promotion at the Waterloo Lutheran University, Ontario, Canada in 1969-1970.


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