Former BSP chief returns to AUB board

MANILA, Philippines — Former Bangko Sentral ng Pilipinas (BSP) governor Felipe Medalla has been reappointed as an independent director of Asia United Bank (AUB), bringing with him decades of experience in economic policymaking and financial governance.

In a statement, AUB chairman Jonathan Ng welcomed Medalla’s return, citing his extensive track record in banking, finance, economics as well as his reputation for integrity and professionalism.

“We welcome the appointment of Dr. Medalla who has accumulated a wealth of experience and expertise in banking, finance and economics, both in the public and private sectors, in addition to being known for his professionalism and integrity, which will serve AUB well,” Ng said.

Medalla takes over the board seat vacated by lawyer Romero Federico Quimbo, who was elected as congressman of Marikina’s second district in the May midterm elections.

Medalla previously served as an independent director of AUB.

From July 2022 to July 2023, Medalla was appointed BSP governor to complete the unexpired term of Benjamin Diokno, who became finance secretary during that time.

Prior to this, Medalla was a member of the BSP’s Monetary Board from 2011 to 2022.

He also served as socioeconomic planning secretary and director general of the National Economic and Development Authority from 1998 to 2001 under the administration of former president Joseph Estrada.

Medalla earned his doctorate in Economics from Northwestern University in the United States.