Bank of the Philippine Islands announced that in relation to disclosure dated September 12, 2022 on the resignation of Mr. Fernando Zobel de Ayala as Director, be informed that, at the regular meeting of the Board of Directors of Bank of the Philippine Islands (BPI) held 21 September 2022, the Board approved the following: Election of Mr. Jaime Z. Urquijo as Director vice Mr. Fernando Zobel de Ayala, subject to the confirmation/approval of the Monetary Board of the Bangko Sentral ng Pilipinas; Appointment of Mr. Cezar P. Consing as Vice Chairman of the Board and Member of the Nomination Committee; Appointment of Mr. Jaime Augusto Zobel de Ayala as Member and Chairman of the Personnel & Compensation Committee; and Appointment of Mr. Romeo L. Bernardo as Member of the Executive Committee. Jaime Z. Urquijo serves as a director of AC Industrial Technology Holdings Inc., ACE Enexor Inc., Merlin Solar Technologies Inc., Merlin Solar Technologies Inc. (Philippines), Renewable Energy Joint Stock Company, BIM Energy Joint Stock Company, BIM Wind Power Joint Stock Company and BPI/MS Insurance Corporation. He is presently the Assistant Vice President for Business Development at AC Energy Corporation (ACEN) and a Senior Manager at Ayala Corporation.

Mr. Urquijo served as director of BPI AIA Life Assurance Corporation (formerly BPI-Philam Life Assurance Corporation) from 2021 to 2022. He held a key manager position in the Corporate Strategy and Business Development Group of Ayala Corporation from 2016 to 2021. He was a founding member and Head of Business Development of AF Payments Inc. from 2014 to 2016, a joint venture between Ayala Corporation and the Metro Pacific group which won a Public Private Partnership (PPP) concession to replace the ticketing system of the LRT and MRT of Metro Manila with a unified contactless ticketing system, called the beep card.

The beep card was the first interoperable transport card in the Philippines. Mr. Urquijo started his career at J.P. Morgan in New York in 2010 and was an analyst and associate until 2013. He graduated with a B.A. in Political Science from the University of Notre Dame and received his M.B.A. from INSEAD in 2018.