Monetary Board member and former Philippine Deposit Insurance Corp. (PDIC) President Valentin Araneta passed away on Wednesday, the Bangko Sentral ng Pilipinas (BSP) confirmed.
Araneta, 69, was appointed Monetary Board member in July 2014.
Prior to his appointment, Araneta served as PDIC president from 2011 to 2014.
He was a career banker, having served as independent director at Metropolitan Bank and Trust Co. and as president and COO of Rizal Commercial Banking Corp. from 2000 to 2003
Araneta was also senior executive vice president and COO of the Philippine National Bank (PNB) until 1998.
The BSP will hold a Requiem Mass and necrological service on Friday, February 23, from 9 a.m. to 12 noon, at the BSP Assembly Hall in Malate, Manila.
Araneta’s inurnment will be on Sunday, February 25, at the Saint Therese Columbarium, Newport Boulevard, Pasay City.