Prof. Velmonte graduated from the University of the Philippines with an A.B. degree in 1920, and then later on appointed as Head of the Department of Economics in Los Baños in 1933. He was a Professor of Economics in 1945. In 1949, he was made acting Dean of the College of Business Administration. On 18 June 1954, Prof. Velmonte was appointed IPA Director by the Board of Regents. His appointment as IPA Director is the initial step in the transfer of responsibility to Filipinos from the Americans.
