The Bangko Sentral ng Pilipinas (BSP) has officially welcomed Jose L. Querubin as its newest member of the Monetary Board. Querubin took his oath of office at a ceremony held last September 5, 2024, at the BSP head office in Manila.
BSP Governor Eli M. Remolona, Jr. (right) together with new MBM member Jose L. Querubin (left)
BSP Governor Eli M. Remolona, Jr. presided over the event, which marked the beginning of Querubin’s term as a key decision-maker in shaping the country’s monetary and financial policies.
Querubin’s term on the Monetary Board will run until July 2, 2026, giving him just under two years to help guide the direction of the Philippine Central Bank in its mission to maintain price stability, promote financial inclusion, and ensure the soundness of the country’s banking system.
BSP gets a veteran in the banking industry
Jose L. Querubin brings with him decades of leadership experience in the banking sector, which will be vital in his role as a Monetary Board member. Before his appointment to the BSP, Querubin served as the President and CEO of United Coconut Planters Bank (UCPB) from 2003 to 2007, a period during which the bank navigated significant challenges in the Philippine financial landscape. During his tenure, UCPB underwent major reforms and strategic initiatives aimed at improving its financial health and operational efficiency.
Querubin’s career also includes serving as a board member for the ASEAN Finance Corporation (now AFC Merchant Bank) from 2005 to 2007. In this role, he contributed to the corporation’s efforts to provide financial solutions across the ASEAN region, further enhancing his expertise in both domestic and international banking.
Querubin’s extensive experience in banking, combined with his strategic vision and leadership, will provide the BSP’s Monetary Board with valuable insights as it continues to pursue its mandate of maintaining monetary stability and fostering economic growth in the Philippines.
Educational excellence
In addition to his professional accomplishments, Querubin has a distinguished academic background that underscores his qualifications for his new role at the BSP. He holds an MBA from the prestigious Wharton Business School at the University of Pennsylvania, one of the world’s top institutions for finance and business education.
Querubin also holds bachelor’s degrees in mathematics and mechanical engineering from De La Salle University, where he graduated cum laude. His strong foundation in both technical and analytical disciplines is expected to serve him well as he tackles complex monetary issues and contributes to the formulation of economic policies.
The Monetary Board’s role in PH economy
The Monetary Board is the highest policy-making body of the BSP, and its decisions have far-reaching implications for the Philippine economy. Composed of seven members, the Board is responsible for setting the country’s monetary policy, which includes managing inflation, stabilizing the currency, and overseeing the banking system to ensure its health and resilience. The Board’s actions are critical in maintaining the confidence of both domestic and international investors in the Philippine financial system.
With Querubin’s appointment, the BSP is expected to further strengthen its focus on addressing current economic challenges, including inflationary pressures, global economic uncertainties, and the ongoing recovery from the COVID-19 pandemic. His background in banking and finance, coupled with his leadership experience, will be key in navigating these challenges and ensuring that the BSP remains proactive in safeguarding the country’s monetary stability.
Remarks from Governor Remolona
During the ceremony, BSP Governor Eli M. Remolona, Jr. expressed his confidence in Querubin’s ability to contribute meaningfully to the Monetary Board’s deliberations and policy-making processes. “Jose Querubin brings a wealth of experience in the banking and financial sectors, and his leadership skills will be invaluable as we continue to fulfill our mandate of maintaining price stability and ensuring a safe and sound financial system,” said Governor Remolona.
BSP Governor Remolona, who himself had been honored as one of the world’s top-performing central bank governors in Global Finance magazine’s 2024 Central Banker Report Cards, also highlighted the critical role that the BSP plays in promoting financial inclusion and innovation in the Philippine economy, areas where Querubin’s expertise is expected to make a significant impact.
Querubin’s appointment to the BSP’s Monetary Board comes at a crucial time for the Philippine economy, as it grapples with both domestic and global challenges. Inflation remains a concern, and the country is navigating the complexities of a post-pandemic economic environment.
With his extensive background in banking, finance, and strategic leadership, Querubin is well-positioned to help steer the BSP in addressing these issues and ensuring sustainable economic growth.
As he embarks on this new chapter in his career, Querubin’s leadership and expertise will be instrumental in guiding the BSP’s policies and strategies in the coming years. His appointment reflects the BSP’s commitment to strengthening its leadership team as it continues to play a vital role in the Philippine financial system and the broader economy.