Deputy Presidential spokesman Abigail Valte, during a radio interview over dzRB Radyo ng Bayan, said the President signed Araneta’s appointment papers on May 30.

Araneta replaces former PDIC chief Jose Nograles Jr. whose irrevocable resignation took effect on May 31.

The incoming PDIC chief earned his A.B. Economics in 1971, and took M.A. Economics Program at the Ateneo de Manila University after graduation. He also studied Advanced Management Program at Wharton Business School in Pennsylvania.

Araneta became the vice president and general manager of the Philippine National Bank’s (PNB) International Department and Finance Management Office in 1982. He then became the senior executive vice president and chief operating officer of PNB in 1998.

Araneta also served as president and chief operating officer of the Rizal Commercial Banking Corp., from July 2000 to June 2003 and became its executive vice president and treasurer from July 1999 to July 2000.

He serves as the chairman of Islands Merchants Corp., a Nestlé distribution company for Negros Occidental and Negros Oriental.

Prior to his PDIC appointment, he was also the independent director of Metropolitan Bank and Trust Co. since April 2004. At the same time, he served as a member and treasurer of the board of trustees of the University of St. La Salle in Bacolod City.

(Recto Mercene)