She grew up in New York City then later migrated to Colombia, where she became a pageant titleholder.
As Miss Colombia, she was crowned the first Miss International in 1960.
Araneta was the former national director of the Miss Universe and current director for Miss International franchises in the Philippines, under the Binibining Pilipinas organization.
She is also the Charge d'affaires of the Colombian embassy in the country, having served as chairman of the Binibining Pilipinas Charities Incorporated for fifty years.