UST alumnus scores seat in Bangko Sentral monetary board
by Carisse Nicole Dumaua
A Thomasian alumnus scored a seat in the Monetary Board of the Bangko Sentral ng Pilipinas after being appointed by President Rodrigo Duterte last June 28.
Former Trade and Industry Chief Peter Favila will return to the monetary board after a break from service in 2014.
He was appointed to the board with former Metropolitan Bank & Trust Co. Chairperson Antonio Abacan Jr., replacing ex-central banker Armando Suratos and former Development Bank of the Philippines chairman Alfredo Antonio.
Favila attained his banking and finance degree from the College of Commerce and Business Administration in 1968.
The monetary board is constituted of 7 members, with one Cabinet member appointed by the President, as stated under Republic Act 7653 or the New Central Bank Act.
The monetary board is in charge of the conduct of monetary policy and the supervision of the financial system, wherein the members will serve for a term of 6 years, and may only be displaced for cause.
Favela also served as the president of the Allied Banking Corporation, and president-CEO of the Philippine National Bank. He was also the former chairman-president of the Philippine Stock Exchange from 2001 to 2005.
Photo grabbed from The Manila Times
