Ex-DBM Sec. Pangandaman now gov't-owned Amanah Islamic Bank head

MANILA, Philippines — Former Budget Secretary Amenah Pangandaman has been named the chair and CEO of the state-owned Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP).

This marks her return to the government months after she stepped down from the cabinet of President Ferdinand Marcos Jr.

AAIIBP announced Pangandaman’s appointment on July 10, as the country’s only Islamic bank seeks to expand financial inclusion among Muslims and strengthen Islamic banking nationwide.

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“Her appointment marks the beginning of a new chapter as AAIIBP continues to strengthen Islamic banking, promote financial inclusion, and drive sustainable development across the Philippines,” AAIIBP said of Pangandaman.

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“We look forward to your inspiring leadership and wish you every success,” it added.

READ: Marcos: No bad blood after Bersamin, Pangandaman exit from Cabinet

Based on its charter, the board of directors of AAIIBP is composed of nine members elected by its shareholders. The chair is chosen from the board of directors.

Pangandaman replaced Amilbahar Amilasan Jr., who was appointed in 2024. He continues to serve as a member of AAIIB’s board of directors.

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Amilasan served as deputy minister of finance and budget of the Bangsamoro Autonomous Region in Muslim Mindanao and held key positions at Metrobank.

Pangandaman resigned as chief of the Department of Budget and Management, along with Executive Secretary Lucas Bersamin, in November, after their names were mentioned in the flood control scandal.

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READ: Bersamin, budget chief out in Cabinet shake-up

She was identified by resigned Rep. Zaldy Co, the former House appropriations committee chair, to be among those whom he had communicated.

Co said Pangandaman had relayed to him the order of President Marcos and former House Speaker Martin Romualdez to include P100-billion worth of graft-tainted “insertions” for public works in the 2025 national budget.

Pangandaman had denied this allegation.

While at the DBM, Pangandaman played a role in the passage of the New Government Procurement Act, the institutionalization of the Philippine Open Government Partnership, the passage of the Government Optimization Act, the modernization of Public Financial Management systems through digital innovations such as the Budget and Treasury Management System, blockchain-enabled budget tracking, and the revival of Project Dime (Digital Information for Monitoring and Evaluation).

AAIIBP was created in 1973 through Presidential Decree No. 264 of Marcos’ father, Ferdinand Marcos Sr., originally intended as a development bank offering credit facilities for Muslim communities in Mindanao.

It became a universal bank in 1990 and was authorized to perform and provide Islamic banking, financing, and investment services under its charter, Republic Act No. 6848.

In 2008, AAIIBP became a subsidiary of the Development Bank of the Philippines, owning 99.9 percent of its capital stock.

Based on its audited financial statement, AAIIBP’s gross income in 2025 grew by 65 percent to P81.3 million from P49.2 million the previous year.

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AAIIBP currently has nine operating banks in the cities of Cagayan de Oro, Cotabato, Davao, Iligan, General Santos, Marawi, Zamboanga, as well as in Jolo, Sulu, and Makati City. /apl /atm