The PCCBA was granted university status on July 4, 1951, and was renamed the University of the East. Dalupan became UE's first president and chairman of its board of trustees. The first members of the Board were Dr. Hermenegildo Balbino Reyes, a businessman, scholar, and former Vice President of the University of the Philippines; Santiago F. de la Cruz, a CPA and business executive who later succeeded Dalupan as UE president; José L. Torres, a soldier, businessman, and accountant; and Jaime Hernández, former Secretary of Finance.