By means of Luisa Maria Jacinta C. Jocson, Reporter
PRESIDENT Ferdinand R. Marcos Jr. has appointed a veteran banker to the final seat of the Monetary Board (MB), completing the Philippine central bank’s seven-member policy-making body.
Jose L. Querubin will take his oath at the Bangko Sentral ng Pilipinas (BSP) Complex on September 5, Central Bank Governor Eli M. Remolona, Jr. said. Wednesday in a text message.
Before his appointment, the banker served as president and CEO of state-owned United Coconut Planters’ Bank from 2003 to 2007. He also held positions at Solid Bank and Citibank.
Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said Mr. Querubin’s experience as a banker would amFit is the Monetary Board.
“He is a veteran of the banking industry and I am sure his vast experience will be a great addition to the MB,” he said in a Viber message.
Mr. Querubin’s appointment would “result in more diversified decision-making with more perspectives,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., told reporters. Business world in a Viber message.
Mr. Querubin received BS Mathematics (cum laude) and Mechanical Engineering from De La Salle University in Manila and a Masters of Business Administration from the Wharton Business School at the University of Pennsylvania, according to the Gawad Kalinga Canada website, where he was vice-chairman.
He served as secretary of the Bankers Association of the Philippines and as president and chairman of Megalink, Inc.
According to the website, he was also active in community organizations such as the Philippine National Red Cross, where he served as governor, Operation Smile Philippines, where he served as chairman, and the Rotary Club of Makati West, where he served as president.
In July, veteran banker Walter C. Wassmer was also appointed to the Monetary Board following the resignation of two board members who became embroiled in a scandal involving “ghost employees” at the Philippine central bank.
Malacañang had accepted the resignation of MB members Anita Linda R. Aquino and V. Bruce J. Tolentino eFas of June 30, Bloomberg reported.
Mr Querubin and Mr Wassmer will complete the unexpired terms of Ms Aquino and Mr Tolentino until July 2026.
The Monetary Board exercises the powers and functions of the BSP, including the conduct of monetary policy.
With the appointment of Mr Querubin, the seven-member board, led by Mr Remolona, is complete.
The other members are Finance Secretary Ralph G. Recto, former BSP Governor and Finance Secretary Benjamin E. Diokno, ex-Treasury Undersecretary Romeo L. Bernardo and former National Treasurer Rosalia V. de Leon.
The remaining Monetary Board policy meetings this year are scheduled for October 17 and December 19.
At its August 15 meeting, the Monetary Board cut the benchmark interest rate by 25 basis points (bps) to 6.25%, from a 17-year high of 6.5%.
This was the FThe first time the central bank cut rates since November 2020, when it last cut rates by 25 basis points amid a global coronavirus pandemic.
Mr Remolona has raised the possibility of a further cut of 25 basis points in the fourth quarter.