The Bank of the Philippine Islands (BPI) announced the passing of former President and Chief Executive Officer Xavier P. Loinaz, who led the institution for over two decades and played a key role in shaping the country’s modern banking landscape.

Loinaz, known as XP by colleagues, served as BPI President and CEO from 1982 to 2004—one of the longest tenures in Philippine banking. His leadership spanned critical periods in the nation’s economic history, including the debt crisis of the early 1980s and the Asian Financial Crisis of the late 1990s. During this time, he steered BPI toward growth, innovation, and operational strength.

Under his direction, BPI introduced several firsts in Philippine banking, including the launch of the country’s first ATM network in the early 1980s and internet banking in 1999. Loinaz also oversaw major acquisitions—Family Bank, Citytrust, and Far East Bank—that expanded BPI’s presence and consolidated its position as a market leader.

His tenure also marked the beginning of bancassurance in the Philippines, integrating banking and insurance services following BPI’s acquisition of life and non-life insurance companies. After stepping down as CEO, Loinaz remained on the BPI Board of Directors until 2020.

BPI President and CEO TG Limcaoco said Loinaz’s leadership left a lasting mark on the institution.

“To us at BPI, Xavier Loinaz was not only a visionary leader but also a mentor and an inspiration. He taught us discipline, integrity, and the importance of serving with purpose. The innovations he introduced, and the people he guided, continue to carry his legacy forward,” Limcaoco said.

“We will always be grateful for his steady hand and his belief in the Filipino spirit. He leaves behind an institution made stronger by his leadership—and a family of bankers who will forever remember him with respect and gratitude,” he added.

BPI extended its condolences to the Loinaz family, acknowledging his decades of service and influence on the Philippine banking industry.