Querubin named seventh member of Monetary Board

September 5, 2024 | 12:00am

MANILA, Philippines —  Former UCPB president Jose Querubin officially joined the Monetary Board (MB) of the Bangko Sentral ng Pilipinas, completing the seven-member policy-making arm of the central bank.

BSP Governor Eli Remolona Jr. told The STAR that Querubin would take his oath of office today, filling the remaining empty seat of  the MB.

Querubin will serve the remaining term of former MB member Anita Linda Aquino until July 2026. Aquino resigned  on June 30 amid her involvement in the ghost employees scandal.

The new MB member joins Remolona, Finance Secretary Ralph Recto,  Benjamin Diokno, Romeo Bernardo, Rosalia de Leon and Walter Wassmer.

Querubin served as  president and CEO of UCPB until September 2007. UCPB was a government-owned bank and one of the largest banks in the Philippines before it merged with Land Bank of the Philippines in 2021, with the latter as the surviving entity.

Querubin was active in professional organizations. He was secretary of the Bankers Association of the Philippines as well as president and chairman of Megalink  Inc.

He was also active in civic organizations such as the Philippine National Red Cross as governor, Operation Smile Philippines as chairman and Rotary Club of Makati West as president.

Querubin completed two undergraduate degrees at De La Salle University. He has a bachelor’s degree in mathematics and a bachelor’s degree in mechanical engineering.

He obtained a master of business administration degree from the Wharton Business School at the University of Pennsylvania.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said Querubin would provide the MB a greater perspective on the banking industry from a practitioner’s point of view.

Meanwhile, Regina Capital Development Corp. head of sales Luis Limlingan said as a member of the MB, Querubin should prioritize combating inflation, protecting the peso and continuously strengthening the banking system.

“For starters, (Querubin should) maintain the recent strong performance of the BSP, which is to fight inflation, maintain a stable currency and set a clear policy that would attract investors,” Limlingan said.