President Marcos reappoints Wassmer, Querubin to Monetary Board

MANILA, Philippines — President Marcos has reappointed Walter Wassmer and Jose Querubin as members of the Monetary Board, keeping two veteran bankers in the Bangko Sentral ng Pilipinas (BSP)’s highest policy-making body until July 2032.

The central bank announced the reappointments yesterday, weeks after The STAR reported that BSP Governor Eli Remolona Jr. had sought the retention of the two Monetary Board members whose terms were set to end on July 2.

The Monetary Board is composed of seven members appointed by the president for a term of six years. It is chaired by the BSP governor and includes one Cabinet member as well as five full-time members from the private sector.

Under the New Central Bank Act, Monetary Board members may be reappointed only once.

Wassmer and Querubin were initially appointed in July 2024 and September 2024, respectively, serving the unexpired terms of former Monetary Board members V. Bruce Tolentino and Anita Linda Aquino, who resigned in 2024 after being linked to the BSP ghost employees controversy.

The new terms of Wassmer and Querubin will now run until July 2032.

“Since joining the Monetary Board in 2024, both Wassmer and Querubin have made invaluable contributions to the Board’s deliberations and decision-making,” Remolona said in a statement.

“Their expertise in financial markets, commercial banking and risk management complements the Board’s strength in economics, public service and business,” he added.

Wassmer, a veteran banker, served as BDO Unibank senior executive vice president and head of institutional banking until his retirement in 2022.

Before joining BDO, Wassmer also held posts at Far East Bank and Trust Co., Union Bank of the Philippines, Bancom Finance Corp. and IFC Leasing and Acceptance Corp.

Querubin, meanwhile, served as president and CEO of United Coconut Planters Bank from 2003 to 2007. He also held senior positions at Bank of America, Solidbank Corp. and Citibank.

The Monetary Board is responsible for setting the country’s monetary policy, overseeing the banking system and exercising the powers and functions of the BSP.

It is currently chaired by Remolona, while its members are Finance Secretary Frederick Go as the Cabinet representative, Benjamin Diokno, Romeo Bernardo, Rosalia de Leon, Wassmer and Querubin.