New PDIC chief sworn in

MANILA, Philippines - Valentin A. Araneta took his oath of office as Philippine Deposit Insurance Corp. (PDIC) president before Finance Secretary and PDIC chairman Cesar V. Purisima in simple ceremonies held at the Office of the Finance Secretary. President Aquino recently appointed the former banker to the top PDIC post.

Araneta’s banking career spans more than three decades. He was the president and chief operating officer of Rizal Commercial Banking Corp. (RCBC) from July 2000 to June 2003. Immediately prior to his appointment to PDIC, he served as independent director of Metropolitan Bank & Trust Co., a position he held since 2004.

He also possesses a decade’s experience in foreign banking. Araneta worked with the Philippine National Bank (PNB) from 1980 to 1998. He served nine years abroad as vice president and general manager of PNB Singapore branch and senior vice president and general manager (Hong Kong and North Asian region). His last position with PNB was senior executive vice president and chief operating officer. He is presently a director and corporate secretary of the Financial Executives Institute of the Philippines (Finex).

Araneta graduated with an A.B. Economics degree from the Ateneo de Manila University in 1971 where he also took credits in the M.A. Economics Program.