D&L Industries, Inc. announced that in its annual shareholder's meeting held on June 5, 2023, a new independent director, Mr. Karl Kendrick T. Chua, was elected to D&L Industries' Board of Directors. With Mr. Chua on the Board, four out of seven seats or a majority of the board continue to be held by independent directors. The three other independent directors are Atty.

Mercedita S. Nolledo, Mrs. Corazon S. de la Paz-Bernardo, and Dr. Lydia R. Balatbat-Echauz. Mr. Chua was previously with the World Bank as an economist, and more recently served as Secretary of the National Economic and Development Authority and Undersecretary for Strategy, Economics, and Results at the Department of Finance. He has extensive experience in the areas of economic and fiscal policy, statistical development, national identification, labor and social protection policy, poverty analysis, and digital transformation, among others.

He is a recipient of the 2018 Outstanding Young Men and Women of the Philippines (TOYM) Award in the field of Economic Development. Mr. Chua will take the place of Mr. Filemon T. Berba, who served on D&L's Board from 2012 until his passing last April 4, 2023. D&L's management would like to honor Mr. Berba for his invaluable contributions to the company's Board.

Mr. Berba, with his wealth of leadership experience, vision, and dedication, played a key role in D&L's initiatives of upholding the standards of corporate governance in the company. Karl Kendrick T. Chua, Filipino, 44, is a former Secretary of the National Economic and Development Authority and Undersecretary for Strategy, Economics, and Results at the Department of Finance. He has extensive experience in the areas of economic and fiscal policy, statistical development, national identification, labor and social protection policy, poverty analysis, and digital transformation, among others.

He is currently a board director of the Bank of the Philippine Islands (BPI) and a board adviser to the LH Paragon Group of Companies. Mr. Chua was a senior official in the Government of the Philippines for six years. As Secretary of Socioeconomic Planning and Chief Economist of the country, he provided strategic leadership on economic policy during the Covid-19 pandemic and the further liberalization of key sectors of the economy.

He also oversaw the implementation of the national ID program. As Undersecretary in the Department of Finance, he led the technical team in the passage of the Comprehensive Tax Reform Program and the Rice Tariffication Law. Prior to joining the government, he was with the World Bank for 12 years and was the senior economist for the Philippines.

Mr. Chua graduated from the Ateneo De Manila University in 2000 with a degree in B.S. Management Engineering. He earned his M.A. Economics (2003) and Ph.D Economics (2011) from the University of the Philippines, and is currently studying data science at the Asian Institute of Management.