By Luisa Maria Jacinta C. Jocson, Reporter
PRESIDENT Ferdinand R. Marcos, Jr. has appointed a veteran banker to the final seat of the Financial Board (MB), finishing the seven-member policy-making physique of the Philippine central financial institution.
Jose L. Querubin will take his oath on the Bangko Sentral ng Pilipinas (BSP) advanced on Sept. 5, central financial institution Governor Eli M. Remolona, Jr. stated in a textual content message on Wednesday.
Earlier than his appointment, the banker served as president and chief govt officer of state-owned United Coconut Planters’ Financial institution from 2003 to 2007. He additionally held positions at Stable Financial institution and Citibank.
Ruben Carlo O. Asuncion, chief economist at Union Financial institution of the Philippines, Inc., stated Mr. Querubin’s expertise as a banker would benefit the Financial Board.
“He’s a veteran of the banking trade and I’m positive his huge expertise might be an amazing addition to the MB,” he stated in a Viber message.
Mr. Querubin’s appointment would “lead to extra diversified decision-making with extra views,” Michael L. Ricafort, chief economist at Rizal Business Banking Corp., instructed BusinessWorld in a Viber message.
Mr. Querubin took up BS Arithmetic (cum laude) and Mechanical Engineering at De La Salle College in Manila and holds a Grasp of Enterprise Administration from Wharton Enterprise College on the College of Pennsylvania, in keeping with the web site of Gawad Kalinga Canada, the place he was vice-chairman.
He was secretary of the Bankers Affiliation of the Philippines and president and chairman of Megalink, Inc.
He was additionally energetic in civic organizations just like the Philippine Nationwide Purple Cross the place he served as governor, Operation Smile Philippines the place he served as chairman and the Rotary Membership of Makati West the place he was president, in keeping with the web site.
In July, veteran banker Walter C. Wassmer was additionally appointed to the Financial Board after the resignation of two board members who bought embroiled in a scandal involving “ghost workers” on the Philippine central financial institution.
Malacañang had accepted the resignation of MB members Anita Linda R. Aquino and V. Bruce J. Tolentino effective June 30, Bloomberg reported.
Mr. Querubin and Mr. Wassmer will full the unexpired phrases of Ms. Aquino and Mr. Tolentino till July 2026.
The Financial Board workouts the powers and capabilities of the BSP together with the conduct of financial coverage.
Mr. Querubin’s appointment completes the seven-member board, which is led by Mr. Remolona.
The opposite members are Finance Secretary Ralph G. Recto, former BSP Governor and Finance Secretary Benjamin E. Diokno, ex-Finance Undersecretary Romeo L. Bernardo and former Nationwide Treasurer Rosalia V. de Leon.
The Financial Board’s remaining coverage conferences this 12 months are scheduled for Oct. 17 and Dec. 19.
At its Aug. 15 assembly, the Financial Board lower the benchmark rate of interest by 25 foundation factors (bps) to six.25% from the over 17-year excessive of 6.5%.
This was the first time the central financial institution had lower charges since November 2020, when it final delivered a 25-bp lower amid a worldwide coronavirus pandemic.
Mr. Remolona has signaled the potential of one other 25-bp lower within the fourth quarter.
