UNITED Coconut Planters Bank (UCPB) President and Chief Executive Officer Higinio Macadaeg Jr. has resigned from his post, the state-controlled lender said on Friday.

It is “with deep regret that I am tendering my resignation as President of United Coconut Planters Bank effective upon acceptance hereof,” Macadaeg wrote in a handwritten letter, dated July 25, to President Rodrigo Duterte that was obtained by reporters.