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Manila Bulletin devider Business devider Banking & Finance devider Diokno assures quorum for Thursday's MB meeting

Diokno assures quorum for Thursday's MB meeting

Published Jul 4, 2023 08:14 am
Finance Secretary Benjamin E. Diokno assured that Thursday, July 6, Monetary Board meeting would maintain a quorum, even in the event of a worst-case scenario where President Marcos does not make the necessary appointments to the central bank's policy-making body. With the conclusion of the terms of Monetary Board Members Peter Favila, Antonio Abacan Jr., and now Governor Eli M. Remolona last July 3, the Bangko Sentral ng Pilipinas (BSP) currently has three vacancies within its influential seven-member group. Remolona, as the newly appointed BSP governor, will preside over the upcoming Monetary Board meeting on Thursday for the first time. However, the absence of three members will be apparent if President Marcos fails to name his three new appointments before July 6. “Worst case: four members, we have a quorum,” Diokno told Manila Bulletin in a mobile phone message. The current composition of the Monetary Board consists of Remolona as the chairman, along with members V. Bruce J. Tolentino and Anita Linda R. Aquino, while Diokno serves as the government representative. The Monetary Board has the responsibility of formulating and implementing monetary policies in the country, with the goal of ensuring stable consumer prices, fostering a secure financial system, and facilitating sustainable economic growth. This appointment of President Marcos is widely regarded as a highly significant decision, given that the three incoming members of the Monetary Board will play a vital role in safeguarding the stability and security of the country's banking system. It is noteworthy that Monetary Board members consistently rank among the highest-paid government officials, based on the Commission on Audit's Report on Salaries and Allowances. When asked about the delay in the president's appointment of new Monetary Board members, Diokno replied: “I’m waiting too!” According to sources, there are reportedly 500 individuals competing for the three Monetary Board seats. However, the finance chief has recommended one female candidate and two male candidates, all of whom are alumni of the University of the Philippines School of Economics, sources said. Malacañang is expected to announce the appointment of three Monetary Board members on Wednesday morning, July 5. The term of a Monetary Board member is six years, with the possibility of reappointment for another term. Unlike Cabinet members, they are not subject to confirmation by the Commission on Appointments.
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