President Ferdinand Marcos Profession Banker Preceded by Position created Name Jaime Laya | President Ferdinand Marcos Preceded by Gregorio Licaros | |
Succeeded by Jose B. Fernandez, Jr. | ||
Jaime C. Laya was the first Secretary of the Department of Budget and Management (as Minister of Budget) of the Republic of the Philippines, serving from 1975 to 1981. He was also the 5th governor of the Central Bank of the Philippines from 1981 to 1984. His term covered two significant points in Philippine history, the election that made former President Ferdinand Marcos have his third term and the assassination of the late Senator Benigno S. Aquino Jr. that stimulated the People Power Revolution of 1986.
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He also served as the Dean of the College of Business Administration, now the Cesar E.A. Virata School of Business, of the University of the Philippines Diliman.
Education
Laya graduated magna cum laude with a degree in business administration from the University of the Philippines in 1957. Later, he took up a master's degree in industrial management from the Georgia Institute of Technology. He did his graduate studies in finance at the Stanford Graduate School of Business of Stanford University in California, US, from which he graduated with a Ph.D. in 1965.
Professional career
Laya started off teaching accounting, economics and management courses at UP after his graduation in 1957. At the age of 18, he placed eighth in the 1957 CPA examination. Laya served numerous positions in different government agencies. He rose to the rank of professor of accounting and director of graduate studies at the University of the Philippines Diliman College of Business Administration. He became dean of the same college from 1968-1975, succeeding Dean Cesar E.A. Virata.
Government service
He served as Minister of Budget from 1975 to 1981 and became the Central Bank Governor from 1981 to 1984, and was the Minister of Education, Culture and Sports from 1984 to 1986. He also served as chairman of the National Commission of Culture and Arts from 1996 to 2001 and former chairman of the Intramurous Administration. At present, he serves as a treasurer for the Opera Guild of the Philippines. In 2010, President Aquino appointed Laya, along with pianist Raul Sunico, and architect Maria Cristina Turalba, as one of the board of trustees of Cultural Center of the Philippines.
Private sector
After retiring from public office in 1986, Laya went on to found the founded J.C. Laya and Co., Ltd., which was later renamed Laya Mananghaya and Co. Laya served as chairman of the firm until his retirement in 2004. He was the chairman and president of the Association of Certified Public Accounts in Public Practice (ACPAPP) in 2003 and ACAPP Foundation, Inc. in 2004.
He is the chairman of the publicly listed and Emilio Yap-owned Philtrust Bank, CIBI Information, Inc., Dual Tech Foundation, Inc and Don Norberto Ty Foundation. Laya serves as Director for Victorias Milling Company, Inc., Philippine AXA Life Insurance Company, Manila Polo Club and GMA Network, Inc. Philippine Ratings Services Corporation, Philippines-Mexico Business Council, and Philippines-Spain Business Council. He is a trustee for De La Salle University Manila, St. Paul University, Metropolitan Museum of Manila, Yuchengco Museum, Heart Foundation of the Philippines, Inc., Fundacion Santiago, ABS-CBN Foundation, Inc., Dañgal ng Bulacan Foundation, Cofradia de la Immaculada Concepcion.
International career
Laya was also the president of the Southeast Asian Ministers of Education Council from 1985 to 1986 and chairman of the Ad Hoc Working Group on International Standards of Accounting and Reporting of the United Nations Centeron Transnational Corporations from 1980 to 1983. He also chaired the Philippine Delegations to the International Monetary Fund and the World Bank, the Southeast Asian Central Banks Association, and the United Nations Educational, Cultural and Scientific Organization (UNESCO).