Monetary Board Chairman and Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr. (second from left) yesterday administered the oath of office of former Trade and Industry Secretary Peter Favila (third from left) following his appointment as full-time private sector representative to the seven-member Monetary Board (MB), the policy making-body of the BSP. MB Member Favila will serve until July 2, 2014, corresponding to the unexpired balance of the six-year term of Atty. Raul Boncan who retired last week. MB Member Favila joined the MB for the first time on August 4, 2008 as Cabinet representative. A new Cabinet representative to the MB will be appointed by the President. The other full-time members of the MB are Juanita Amatong, Nelly Favis-Villafuerte, Alfredo Antonio, and Ignacio Bunye. Present during the oath-taking ceremony were Mrs. Alice Arnaldo-Favila, BSP Deputy Governor for Monetary Stability Sector Diwa Guinigundo (at left) and BSP Deputy Governor for Supervision and Examination Sector Nestor Espenilla, Jr.