FRESH TERM. Finance Secretary and Philippine Deposit Insurance Corporation (PDIC) Board Chairman Cesar V. Purisima administers the oath of office of re-appointed PDIC Board Directors Valentin A. Araneta, Rogelio W. Manalo and Protacio T. Tacandong in simple ceremonies on December 10, 2013 at the Office of the Board Chairman at the PDIC Office in Makati City. Araneta was subsequently elected President of PDIC in accordance to the process prescribed by the Governance Commission for Government-Owned and -Controlled Corporations (GCG).

President Benigno S. Aquino III re-appointed to a fresh one-year term Mssrs. Valentin A. Araneta, Rogelio W. Manalo and Protacio T. Tacandong as Directors of the PDIC Board. Mr. Araneta was thereafter re-elected President by the Board of Directors.

Araneta’s career as a banker spans more than 30 years. Prior to serving the PDIC, he was the President and Chief Operating Officer of the Rizal Commercial Banking Corporation (RCBC). He was also an independent director of Metropolitan Bank & Trust Co. since April 2004. He likewise served as Chief Executive Officer and Director of the Philippine National Bank (PNB) where he previously held top management positions for the bank’s domestic and foreign branches. He is currently the Audit Committee Chairperson of the International Association of Deposit Insurers (IADI), a Switzerland-based organization of deposit insurance agencies worldwide.

Director Manalo served as former Alternate Member of the then Central Bank of the Philippines’ Monetary Board. He was also a former Governor of the Development Bank of the Philippines (DBP).

Director Tacandong is the Chief Operating Officer and founding member of accounting firm, Reyes Tacandong & Co. He was also a former partner at SyCip Gorres Velayo & Co. (SGV & Co.) and national president of the Philippine Institute of Certified Public Accountants (PICPA) from 2008 to 2009.

Under Republic Act 10149 or the Government-Owned and -Controlled Corporations (GOCC) Governance Act of 2011, the appointive directors shall be appointed by the President of the Philippines while the Chief Executive Officer of a GOCC shall be elected annually by the members of the Board from among its ranks. The GOCC Act aims to strengthen the government’s capability to ensure that GOCCs effectively perform their mandates. It also aims to promote financial viability and fiscal discipline in GOCCs, and to strengthen the role of the State in its governance and management, with the end-goal of being more responsive to the needs of the public.

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