Veteran banker Jose Querubin to complete 7-member Monetary Board

Jose “Jojo” Querubin | Photo from Jose Querubin’s Facebook account

Updated on September 4, 2024 at 9:17 p.m.

Veteran banker Jose “Jojo” Querubin is the newest member of the Monetary Board (MB), completing the policy-making body of the Bangko Sentral ng Pilipinas (BSP) at an important time for the economy.

BSP Governor Eli Remolona Jr. confirmed to Inquirer that Querubin would take his oath of office on Thursday morning, September 5, just in time for the regular meeting of the seven-member MB.

Biz Buzz first reported in July that Querubin was the front-runner for the last MB seat left by Anita Linda Aquino, who had quit after being linked to the ghost employees scandal that brought serious reputational risks to the central bank.

READ: BIZ BUZZ: The last MB seat goes to …

Prior to this, the other MB seat vacated by Bruce Tolentino—who was also involved in the same ghost staff controversy—had been taken by Walter Wasmer, another veteran banker. Both Aquino and Tolentino resigned in June.

That said, the addition of the two bankers is expected to complement the expertise of the existing board members, which include economists and fiscal management experts. The BSP, after all, is not just the central monetary authority but also the chief regulator of the banking system.

Querubin will join the board at a crucial time for the economy. At its meeting last Aug. 15, the MB cut the policy rate by 25 basis points to 6.25 percent, kicking off an easing cycle as the high interest rate environment started to weigh on consumption.

Joining the MB meant that Querubin—who had long made Canada his new home—had to emerge from retirement.

Industry sources said he has made plans to relocate back to the Philippines. Querubin was a former president of United Coconut Planters Bank. Before that, he was treasurer of Solid Bank, a medium-sized commercial bank that was acquired by Metrobank in 2000.

His banking experience also includes being the former head of the Philippine office of Bank of America.

Querubin enjoys the confidence of President Ferdinand Marcos Jr., banking sources noted, as the two had met when they were students at Wharton School of Business.