By Benjamin Cuaresma
MANILA — Former Budget Secretary Amenah Pangandaman has been appointed chairperson and chief executive officer of the state-owned Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), marking her return to government service months after leaving the Marcos Cabinet.
AAIIBP announced that Pangandaman officially assumed the post on July 10 as the country’s only Islamic bank continues its efforts to expand financial inclusion and strengthen Islamic banking services nationwide.
She replaces Amilbahar Amilasan Jr., who remains a member of the bank’s board of directors.
Pangandaman resigned as Budget secretary in November during a Cabinet reshuffle after her name surfaced in allegations linked to the flood control controversy. Former Representative Zaldy Co claimed she relayed instructions involving alleged budget insertions for the 2025 national budget, an accusation she has repeatedly denied.
During her tenure at the Department of Budget and Management, Pangandaman spearheaded key reforms, including the implementation of the New Government Procurement Act, modernization of public financial management systems, and digital initiatives aimed at improving transparency and efficiency in government operations.
Established in 1973, AAIIBP is the country’s only Islamic bank and has been a subsidiary of the Development Bank of the Philippines since 2008. Its audited financial statements showed gross income rising 65 percent to P81.3 million in 2025 from P49.2 million a year earlier.
The bank currently operates nine branches in Makati, Cagayan de Oro, Cotabato, Davao, General Santos, Iligan, Marawi, Zamboanga, and Jolo, Sulu.
ia/xf
