Philippine Deposit Insurance Corp. (PDIC) Has New President

President Benigno Aquino III has appointed Valentin A. Araneta as the new president and chief executive officer of the Philippine Deposit Insurance Corp. (PDIC), the state deposit insurer.

Deputy Presidential Spokesperson Abigail Valte said in a radio interview over dzRB Radyo ng Bayan that the President signed Araneta’s appointment papers on May 30, 2011.

Araneta replaces former PDIC chief Jose Nograles Jr. whose irrevocable resignation took effect last 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 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.

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