Monetary Board member Valentin Araneta passes away

Monetary Board (MB) member Valentin Araneta has passed away at the age of 69 on Wednesday, February 21, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.

While the central bank did not give details on his death, it said it will hold a Requiem Mass and necrological service at the BSP Assembly Hall inside the BSP Complex in Manila at 9 a.m. on Friday, February 23.

His inurnment is scheduled on Sunday, February 25, at the St. Therese Columbarium at the Newport Boulevard in Pasay City.

Araneta was appointed as a member of the MB by former President Benigno Aquino III for a six-year term in July 2014.

Prior to this, he served as the President of the Philippine Deposit Insurance Corporation from 2011 to 2014. He also previously served as an independent director for the Metropolitan Bank & Trust Company (Metrobank).

Aside from this, he also served as the president and chief operating officer of the Rizal Commercial Banking Corp. (RCBC), and the senior executive vice president and chief operating officer of the Philippine National Bank (PNB). — MDM, GMA News