MANILA - Fred Bernardo, Bayan Telecommunications Inc.'s (Bayan) chief financial officer, is the new managing director of the Lopez-led phone firm.

The appointment became effective last November 1 as Tunde Fafunwa ended his contract as chief executive consultant on October 31, 2009.

"We recognize our position in the industry and we will make our business decisions accordingly," Bernardo said in a statement.

"If this means we have to review our current business portfolio and reallocate our resources, then we will take that direction as long as the results are better for Bayan and its current employees," he added.

Bernardo has been with the Lopez Group of Companies for the last 8 years, while he worked in the United States for 18 years.

He is a graduate of the University of the Philippines and has a post-graduate degree from the University of California-Berkeley.

Bayan has settled P166.8 million in interest payments to creditors in September, bringing the company's total interest repayment to P634.3 million for the first 9 months of the year.

The Lopez-led phone firm's total debt amounts to $325 million and is targeted to be wiped out by 2023, the year it is expected to exit rehabilitation.