The Philippine Bank of Communications announced Philippine Stock Exchange and the Philippine Dealing & Exchange Corporation that, at the regular meeting of the Board of Directors held earlier October 26, 2022, the Board duly elected Ms. Teresita J. Herbosa as an independent member of the Board upon the endorsement of the Governance Committee, effective 2 November 2022. Ms. Herbosa shall serve the unexpired term of the Bank's former director, Mr. Jaime J. Bautista. In the same meeting, the Board appointed Ms. Herbosa as a member of the Bank's audit and risk oversight committees.

Ms. Herbosa, Filipino, 71 years old, is the former Chairperson of the Philippine Securities and Exchange Commission or SEC from April 2011 up to June 2018. During her tenure as SEC Chairperson, she proposed significant amendments to the Corporation Code which culminated in the enactment of the Revised Corporation Code of the Philippines last February 2019. Prior to government service, Ms. Herbosa was with Angara Abello Concepcion Regala & Cruz Law Offices where she headed its prestigious Litigation and Dispute Resolution Department for more than ten years during which it was consistently recognized as the best in that area of practice.

She retired from ACCRALAW in April 2011 as a Senior Partner/Co-Managing Partner. She currently serves as a director of the Board of the Telecommunications Connectivity Inc., and also sits as an independent director of mutual fund companies under the Sunlife Group: Sunlife of Canada Prosperity Bond Fund Inc., Sunlife Prosperity Peso Starter Fund Inc., Sunllife Prosperity Dollar Starter Fund Inc., Sunlife Prosperity Peso Voyager Feeder Fund Inc., Sunlife Prosperity World Income Fund Inc., Sunlife Prosperity Achiever Fund 2028 Inc., and Sunlife Prosperity Achiever Fund 2038 Inc. Ms. Herbosa is likewise a trustee of the CHS Alumnae Foundation Inc. She is a law professor at the DLSU College of Law (Rufino Campus) and Lyceum Makati, teaching commercial laws such as the law on corporations, securities regulation, banking, transportation, insurance, intellectual property, competition and data privacy. Ms. Herbosa finished AB Political Science cum laude at the University of the Philippines (UP) Diliman, and Bachelor of Laws cum laude and class salutatorian from the UP College of Law.

She has a master's degree from the University of Michigan. The company also appointed Teresita J. Herbosa as Member, Audit Committee and Member, Risk Oversight Committee effective 2 November 2022.