Palace names Purisima as new Monetary Board member

MANILA, Philippines - Malacañang has named Finance Secretary Cesar Purisima as the government representative in the seven-man Monetary Board of the Bangko Sentral ng Pilipinas (BSP).

President Aquino appointed Purisima last July 13 as the Cabinet representative in the central bank’s policy-making body replacing former National Economic and Development Authority acting director general Augusto Santos. 

Purisima, who attended the policy-setting meeting of the Monetary Board last Thursday, headed a group of economic managers dubbed as the “Hyatt 10” who resigned en masse July of 2005 and called for the resignation of former President Arroyo. He served as secretary of the Department of Trade and Industry (DTI) as well as the Department of Finance (DOF) during the administration of late former President Cory Aquino.

BSP Governor Amando M. Tetangco Jr. administered the oath of office of Purisima last Thursday in the presence of other Monetary Board members.

He is the newest member of the policy-making body whose members include former Press Secretary Ignacio Bunye, former Trade Secretary Peter Favila, former Trade Undersecretary Nelly Villafuerte, former Finance Secretary Juanito Amatong, and former Development Bank of the Philippines chairman Alfredo Antonio.

Former President Arroyo appointed Bunye as a member of the Monetary Board last March. Likewise, the terms of other Arroyo appointees to the board, including Amatong, Villafuerte, and Antonio are expected to expire next year.

The New Central Bank Act provides that one of the government sector members of the Monetary Board must be a member of the Cabinet designated by the President. It establishes certain qualifications for the board members and also prohibits members from holding certain positions with other governmental agencies and private institutions that may give rise to conflicts of interest. 

With the exception of the members of the Cabinet, the governor and the other members of the Monetary Board serve terms of six years and may only be removed for cause.