Duterte appoints new members of policy-setting Monetary Board

President Rodrigo Duterte has appointed two new members of the policy-setting Monetary Board, the Department of Finance (DOF) said Thursday.

In a statement, the DOF said that Duterte has appointed Peter Favila and Antonio Abacan Jr. to the policy-setting body of the Bangko Sentral ng Pilipinas.

The President also retained the services of former National Economic and Development Authority Director General Felipe Medalla as Monetary Board member.

"Alongside the appointment of BSP Deputy Governor Nestor Espenilla Jr. as the next governor of the central bank, the President's selection of Favila and Abacan as the new members of the Monetary Board will keep the BSP in good hands over the medium- term," Finance Secretary Carlos Dominguez III said.

“They were carefully chosen by the President to ensure that we continue with fiscal policies that would help sustain our growth momentum and attract more investments.  I am certain that Messrs. Medalla, Favila and Abacan will carry on the great service set by their predecessors,” Dominguez added.

Under the New Central Bank Act, each newly appointed Monetary Board member serves a six-year term.

Abacan and Favila replaced Armando Suratos and former Development Bank of the Philippines (DBP) Chairman Alfredo Antonio, who are scheduled to step down this year.

The powers and function of the BSP are exercised by the Monetary Board, which has seven members appointed by the President.
 
The new appointments completed the seven-man Monetary Board, including Dominguez, Juan De Zuniga Jr., Valentin Araneta, and incoming chairman and BSP Governor Espenilla who will assume office on July 3.
 
Medalla first served in the board in 2011. He was the director-general of the NEDA from July 1998 to January 2001. He was also a director of PNOC-Exploration Corp., and independent director of Metro Pacific Tollways Corp.
 
Favila, meanwhile, returns to the Monetary Board after three years. He earlier served as member from 2008 to 2014.
 
Favila was the Trade Secretary from 2005 to 2010. He was also president of Allied Banking Corp. and president and CEO of the Philippine National Bank. He served the BSP as consultant, and was chairman and president of the Philippine Stock Exchange from 2001 to 2005.

On the other hand, Abacan was the president of Metropolitan Bank & Trust Co. from 1993 to April 2006 and of the Philippine Savings Bank and Unibancard Corp. from 1988 to 1991. Abacan is currently the group vice chairman of the Metrobank Group. — Ted Cordero/VDS, GMA News