Bankers laud Diokno’s appointment as Finance chief, Medalla as BSP gov

The Bankers Association of the Philippines (BAP) hailed the appointment of Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno as the incoming secretary of Finance and naming of Monetary Board member Felipe Medalla as Diokno’s successor to the helm of the central bank.

“Drs. Diokno and Medalla are notable economists who have the scholastic distinction and extensive experience that transcend different administrations, making them the best candidates for these roles,” said BAP president Antonio Moncupa Jr.

On Thursday, President-elect Ferdinand Marcos Jr. announced Diokno’s appointment as secretary

The incumbent BSP governor will cut short his term which was set to end in July 2023. Diokno took over as central bank chief in March 2019, when the post was vacated by late Governor Nestor Espenilla Jr., who succumbed to cancer.

Prior to his appointment to the BSP, Diokno served as secretary of the Department of Budget and Management (DBM) under the Duterte administration for the second time.

He first served as DBM secretary under the Estrada administration and also Budget undersecretary from 1986 to 1991 under then-President Corazon Aquino.

Meanwhile, Medalla has been a member of the Monetary Board since July 2011. He was first appointed by the late President Benigno Aquino III and was given a second term by Duterte in July 2017.

Medalla also served as secretary of Socio-Economic Planning and director-general of the National Economic and Development Authority from 1998 to 2001 during the administration of former President Joseph Estrada.

Their experiences as economic managers in past administrations are valuable assets as the Philippines makes its way towards economic and post-pandemic recovery, according to Moncupa.

“We are confident that under their stewardship, the country will be able to successfully navigate the various fiscal and economic challenges incumbent upon us,” he said.

The BAP chief said the bankers group will continue to work with the DOF and BSP “in pursuing initiatives that support fiscal stability and strength, and policies that will promote socio-economic development for the Filipino people.”

BAP counts as members some of the country’s largest local banks such BDO Unibank, Bank of the Philippines Islands, East West Bank, Development Bank of the Philippines, Land Bank of the Philippines, Metrobank, Philippine National Bank, Union Bank, Security Bank, Rizal Commercial Banking Corp.; and foreign several banks including Citibank, ING Bank, JP Morgan Chase Bank, and Standard Chartered Bank.—AOL, GMA News