Wassmer, Querubin get fresh Monetary Board term

MANILA, Philippines – President Marcos has reappointed banking veterans Walter Wassmer and Jose Querubin to the Monetary Board, the top policymaking body of the Bangko Sentral ng Pilipinas (BSP), ensuring policy continuity at a time of high inflation and slow economic growth.

Wassmer and Querubin were first appointed to the seven-member Monetary Board in July 2024 and September 2024, respectively. Mr. Marcos’ decision extended the two members’ term until July 2032.

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

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

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Their reappointment comes at a time when the central bank is navigating elevated inflation and subdued economic growth.

The BSP has struck a hawkish tone—ready to take the necessary steps to return inflation to its 3-percent target.

A 25-basis-point increase last month lifted the central bank’s key rate to 4.75 percent. This brought the total tightening in the current cycle to 50 basis points.

Before joining the Monetary Board, Wassmer served as senior executive vice president and head of institutional banking at BDO until his retirement in 2022.

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He joined the BDO board that year and was a member of the executive committee, trust committee, risk management committee and related party transactions committee.

Previously, he served at Far East Bank & Trust Co., UnionBank of the Philippines, Bancom Finance Corp. and IFC Leasing and Acceptance Corp.

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Meanwhile, Querubin served as president and CEO of United Coconut Planters Bank from 2003 to 2007.

He was also a board member of Asean Finance Corporation (now AFC Merchant Bank) and had held senior positions at Bank of America, Solid Bank Corp. and Citibank.

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He likewise served as president and CEO of Megalink and as secretary of the Bankers Association of the Philippines. INQ