The Bankers Association of the Philippines (BAP) expressed confidence in the two well-known economists to lead the incoming Marcos government’s economic team.
In a statement, BAP said it welcomes the nomination of Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno as Secretary of the Department of Finance and Monetary Board member Felipe M. Medalla as the new BSP chief.
“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 C. Moncupa Jr.
Moncupa said the 44-member BAP will continue to work and cooperate with the country’s financial regulators, the BSP and the DOF, in “pursuing initiatives that support fiscal stability and strength, and policies that will promote socio-economic development for the Filipino people.”
“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 added.
President-elect Ferdinand Marcos Jr. took his time in choosing who will lead the DOF. There were several names that were considered including two former finance secretaries, two bankers and a politician and businessman based in Davao.
Diokno, who has been BSP governor since March 2019, accepted the offer after just three years serving his four-year term as governor. A BSP governor has a fixed six-year term under its charter. Diokno was serving the remaining four-year term of his predecessor, the late Nestor A. Espenilla Jr. who died of cancer on Feb. 23, 2019.
Medalla is a member of the six-person Monetary Board of the BSP. The Monetary Board is the BSP’s policy-making arm. He is a BSP insider, having worked with the central bank since 2011. He was first appointed under the Aquino administration and was reappointed by President Duterte in 2017.