Metropolitan Bank & Trust Company (Metrobank) has appointed former Sun Life Philippines president and country head Benedict Sison as an independent director following the resignation of Philippine Savings Bank (PSBank) president Jose Vicente Alde from the board.

Metrobank said Alde stepped down to focus on his responsibilities as president of PSBank, the group’s consumer and retail banking arm, announced during a local bourse disclosure on Thursday.

Metrobank said the board accepted Alde’s resignation during a regular board meeting held on 20 May, with the resignation taking effect immediately.

“His invaluable contributions over the past four years have been instrumental to Metrobank’s sustained success. He will continue to provide strategic leadership within the Metrobank Group,” the bank said.

Sison previously led the insurer firm for more than 15 years before retiring in January 2026, making Sun Life’s client base expand from 5 million in 2018 to 6.2 million as of the end of September 2025.

Sun Life earlier said Sison would continue serving as strategic adviser and chairman of Sun Life Philippines Holding Company and the Sun Life Foundation until 31 December this year to ensure a smooth leadership transition.

 “A renowned veteran of the insurance industry, Mr. Sison’s appointment underscores the Bank’s commitment to upholding the highest standards of corporate governance,” Metrobank said.

Contrasting earnings report

The leadership changes came after the release of first-quarter earnings reports, where Metrobank and its subsidiary posted contrasting results.

Metrobank reported a net income of P12.6 billion in the first quarter of 2026, up around 2.4 percent year on year from P12.3 billion in the same period last year.

The bank also said its non-performing loan (NPL) coverage ratio stood at 137.1 percent as it continued building reserves against potential risks.

Meanwhile, PSBank reported a 22-percent decline in first-quarter earnings, which it attributed to higher loan provisioning.

The thrift bank said provisions surged 73 percent to P716 million as it strengthened buffers against potential credit risks arising from the Middle East conflict’s impact on the Philippine economy.

Alongside the board changes, Metrobank also approved the reconstitution of several board-level committees effective 20 May.

Under the new committee assignments, Sison was appointed chairman of the Audit Committee and a regular member of both the Related Party Transactions Committee and the Risk Oversight Committee.

Metrobank also named vice chairman Francisco Sebastian to the Trust Committee seat previously held by director Anthony Paul Yap, while president and director Fabian Dee assumed the IT Steering Committee seat formerly occupied by Sebastian.