The decision came after Aquino steered the Gilas Pilipinas women's team to back-to-back gold medals in the 31st Southeast Asian Games.
Aquino will now concentrate as head coach and project director of the both Gilas Pilipinas Women 5-on-5 and 3x3, respectively.
Blackwater team owner Dioceldo Sy, main backer of the women's national team, said the move has the approval of Herbert Sy and the other NU bosses.
"Pat Aquino has nothing to prove anymore in the UAAP. His record with NU speaks for itself," said Sy on Sunday.
Pat Aquino will be replaced by long-time Lady BUlldogs assistant coach Aris Dimaunahan.
Aquino turned around NU's women's program into one of the best in Philippine college basketball that saw the Lady Bulldogs bag six straight UAAP titles behind an unbeaten record of 96 consecutive wins.
His long-time deputy Aris Dimaunahan will take over the NU job while Jacob Munez will be on loan from Blackwater, whete is assistant manager, as team manager of the Lady Bulldogs.
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