Movers and Shakers
From left: Jason Ving, SCB Regional Head of Public Sector Asean and Southeast Asia; Lynette Ortiz; Budget Secretary Amenah Pangandaman; Finance Secretary Benjamin Diokno; Heidi Toribio, Regional Cohead Client Coverage for Asia; Aaron Gwak, Founder and Venture Lead of Libeara — Contributed photo
Veteran banker Lynette Ortiz, known for her love of thrill and her expertise in complex deals, was recently appointed as head of state-owned Land Bank of the Philippines. Prior to this, she served as the first Filipino country chief of Standard Chartered Bank (SCB) Philippines, leading the bank to a successful year in the capital markets business despite the ongoing pandemic.
Having spent 30 years in senior roles in risk management, treasury, corporate finance, and capital markets, Ortiz is now ready to embark on a new challenge in public service. Unlike her previous employers, Landbank has a unique mandate that involves considerations for small farmers and fisherfolk, agrarian reform beneficiaries, local government units, and government-owned and controlled corporations, rather than solely focusing on profits.
When asked about the difficulty of her new role, Ortiz stated, “I’d like to [last long]. I believe that endurance is a mark of a good leader. It’s not just about mental endurance, but also physical and emotional endurance and resiliency.” She approaches her banking duties with the same discipline she applies to her workout routine.
If the plans to merge with the Development Bank of the Philippines (DBP) come to fruition, Ortiz may find herself running the country’s largest bank. However, she emphasizes that this possibility was not a factor in her decision to take on the new role. She explains, “I was at a point where I was prepared to serve and give back in any capacity. I consider this opportunity to be a blessing and a chance to utilize the banking skills I’ve acquired to contribute, no matter how small or big.”
Three Decades of Banking
Ortiz faced high expectations from the start, being the eldest among four siblings. With her father as a lawyer and her mother as a music teacher, she was encouraged to set a path for her siblings. After earning her economics degree with honors at 19, she briefly worked in retail banking at Citibank Philippines before pursuing her Master of Business Administration degree with a major in finance and investments at the City University of New York Baruch College.
After completing her graduate studies, Ortiz joined Citibank New York, where she gained valuable experience scrutinizing the risk exposure of treasuries in Latin America. She describes this period as a challenging time in her banking career, as she had to navigate being a woman and an Asian professional in a demanding environment.
When Ortiz started a family, she realized the difficulties of raising a child in New York. She decided to move back to the Philippines, joining Citicorp global asset management. She later worked at Bank of the Philippine Islands, Banco Santander PH (acquired by BDO Private Bank), HSBC, and eventually SCB, where she served as Philippine CEO for over six years.
Oiling the Economy
Ortiz aims to bring best global practices to Landbank, focusing on robust capital, client-centricity, and efficient responses to client needs. She envisions a range of competitive product offerings that would position Landbank on par with private banks.
Addressing criticisms that Landbank has strayed from its mandate, Ortiz highlights the bank’s significant outstanding loans directed towards agriculture and rural development. She states, “Landbank already exceeds what is expected, with over P700 billion allocated to the agri value chain.”
Looking ahead, Ortiz plans to intensify funding for infrastructure, hospitals, local government units, and cooperatives while prioritizing sustainable financing. She believes Landbank’s role extends beyond banking and is about improving the delivery of services in partnership with various government agencies.
As a leader, Ortiz values feedback and fresh ideas. While she maintains a collaborative and open approach, she is decisive when necessary. Empowering other women and minorities within the organization is also a priority for her.
Ortiz embraces daily learning and finds fulfillment in the rigor and discipline of the banking profession. She appreciates how the industry facilitates business activities and is committed to excellence in her work.
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