Next BSP chief known ‘in next few days’ – Diokno

MANILA, Philippines — Finance Secretary Benjamin Diokno has listed three qualifications the new head of the central bank should possess as President Marcos is expected to take his pick in the “next few days.”

Diokno, who was Bangko Sentral ng Pilipinas (BSP) governor during the Duterte administration, said he has recommended to Marcos some names to be the next chief monetary and banking regulator.

Diokno was previously rumored to return to the BSP, but he maintained that he is “out” and will stay in his current post.

Now, Diokno has listed three criteria that the next BSP, chief should have. The new term of the governor will start next month.

“I have been consistent in saying that the governor of BSP should not be an ex-banker. That is a disqualification because you will be one of the boys,” Diokno told reporters.

“Number two is you really have to be a professional economist, and third, you have to have an international stature,” he said.

Felipe Medalla, who is also an economist, currently sits as the BSP Governor and chairs the seven-man Monetary Board, which exercises the powers and functions of the central bank.

As a member of the Cabinet, Diokno also sits on the Monetary Board together with Peter Favila, Antonio Abacan Jr., Bruce Tolentino, Anita Linda Aquino and Eli Remolona.

As such, Marcos can maintain the status quo and reappoint Medalla as the BSP Governor has his own view.

“We are looking for the best candidate. The replacement should be better than the incumbent,” Diokno said.

Of the Monetary Board members, Diokno said Tolentino and Aquino would be retained to serve the remainder of their six-year term.

Abacan, Remolona and Favila are also potential candidates as governor.

The appointment of a new BSP chief is crucial amid high interest rates and the still elevated inflation in the country.

As the country’s central monetary authority, the BSP enjoys fiscal and administrative autonomy from the national government to perform its mandate.