Business World

Monetary Board member Araneta passes away

- Melissa Luz T. Lopez

MONETARY BOARD Member Valentin A. Araneta, a veteran of the banking industry, passed away on Feb. 21, according to the Bangko Sentral ng Pilipinas (BSP) on Thursday. He was 69.

Mr. Araneta served as member of the BSP’s policy-setting body since July 2014, when he was appointed by then-President Benigno S.C. Aquino III for a six-year term. The Monetary Board has seven members who are appointed by the President, consisting of the BSP governor, a member of the Cabinet and five representa­tives of the private sector.

Before this, Mr. Araneta served as president of the Philippine Deposit Insurance Corp., after decades of working in various banks. He was president and chief operating officer (COO) of Rizal Commercial Banking Corp., senior executive vice-president/COO of the Philippine National Bank and independen­t director at the Metropolit­an Bank & Trust Co. —

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