New Monetary Board members take oath

MANILA, Philippines - The two newly-appointed Monetary Board members took oath at the Bangko Sentral ng Pilipinas last week. The board is the policy-making body of the BSP.

In a statement, the central bank said BSP Governor and Monetary Board chairman Amando M. Tetangco Jr. has administered the oath of office of Juan de Zuniga Jr. and Valentin Araneta.

Zuniga formerly served as a deputy governor and general counsel at the BSP, while Araneta previously held the presidency post at the Philippine Deposit Insurance Corporation, the country’s state-owned deposit insurer.

The two will replace former press secretary and presidential spokesperson Ignacio Bunye, who opted for an early retirement, and former Trade Secretary Peter Favila, whose term has expired.

Members of the Monetary Board, who enjoy a fixed six-year term in office, are appointed by the President. The board is chaired by the central bank governor, while the law requires that another member should also be a member of the Cabinet.

Current members of the Monetary Board include Finance Secretary Cesar Purisima, Alfredo Antonio, former BSP deputy governor Armando Suratos, and former Socioeconomic Planning Secretary Felipe Medalla.