Recto named Cabinet representative to BSP Monetary Board

Finance Secretary Ralph Recto has been designated as the Cabinet representative to the Monetary Board, completing the seven members of the policy-setting body of the Bangko Sentral ng Pilipinas (BSP).

In a statement released Monday, the BSP said Recto took his oath of office at the BSP head office in Manila on Monday, January 22, after he was named to the post by President Ferdinand “Bongbong” Marcos Jr.

The Monetary Board is chaired by the BSP Governor Eli Remolona Jr., and counts as members former Finance Secretary Benjamin Diokno, V. Bruce Tolentino, Anita Linda Aquino, Romeo Bernardo, and former National Treasurer Rosalia De Leon.

According to the central bank, the Monetary Board is chaired by the BSP Governor, with five full-time members from the private sector, and one member from the Cabinet.

Just last week BSP officials said that the Finance Secretary is not the automatic Cabinet representative to the Monetary Board.

Rectos’ designation as representative to the Monetary Board comes after he was sworn in as the Finance Secretary earlier this month. He said he would prioritize the collection of some P4.3 trillion in taxes for next year.

Prior to this, Recto served as the Deputy Speaker of the House of Representatives in the 19th Congress, representing the 6th District of Batangas. He was also a three-term senator from 2001 to 2007, and from 2010 to 2022.

During his tenure as a lawmaker, Recto authored and sponsored tax measures such as the Rice Tariffication Act, General Tax Amnesty, Rationalization of Excise Tax on Automobiles, and the Social Reform and Poverty Alleviation Act.—LDF, GMA Integrated News