Veteran banker appointed to MB

President Ferdinand R. Marcos, Jr. has appointed a veteran banker to the last seat of the Monetary Board (MB), completing the seven-member policy-making body of the Philippine central bank.

Jose L. Querubin will take his oath at the Bangko Sentral ng Pilipinas (BSP) complex on Sept. 5, central bank Governor Eli M. Remolona, Jr. said in a text message on Wednesday.

Before his appointment, the banker served as president and chief executive officer 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 benefit the Monetary Board.

“He’s 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 BusinessWorld in a Viber message.

Mr. Querubin took up BS Mathematics (cum laude) and Mechanical Engineering at De La Salle University in Manila and holds a Master of Business Administration from Wharton Business School at the University of Pennsylvania, according to the website of Gawad Kalinga Canada, where he was vice-chairman.

He was secretary of the Bankers Association of the Philippines and president and chairman of Megalink, Inc.

He was also active in civic organizations like 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 was president, according to the website.

In July, veteran banker Walter C. Wassmer was also appointed to the Monetary Board after the resignation of two board members who got 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 effective 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.

Mr. Querubin’s appointment completes the seven-member board, which is led by Mr. Remolona.

The other members are Finance Secretary Ralph G. Recto, former BSP Governor and Finance Secretary Benjamin E. Diokno, ex-Finance Undersecretary Romeo L. Bernardo, and former National Treasurer Rosalia V. de Leon.

The Monetary Board’s remaining policy meetings this year are scheduled for Oct. 17 and Dec. 19.

At its Aug. 15 meeting, the Monetary Board cut the benchmark interest rate by 25 basis points (bps) to 6.25% from the over 17-year high of 6.5%.

This was the first time the central bank had cut rates since November 2020, when it last delivered a 25-bp cut amid a global coronavirus pandemic.

Mr. Remolona has signaled the possibility of another 25-bp cut in the fourth quarter. – Luisa Maria Jacinta C. Jocson, Reporter