I’ve said this before and I’ll say it again: that business and banking communities are eager awaiting who would finally join and complete the seven-man Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP).
As it stands right now, there are only three members – Anita Linda Aquino, Bruce Tolentino and Finance Secretary Benjamin E. Diokno with BSP Governor Eli Remolona as the chair.
Also being awaited to be named is the wealth fund manager (WFM). With the implementing rules and regulations of the Maharlika Investment Fund being crafted, the question going around the business and banking circles is who will be the WFM.
There’s a merry-go-round of names. As I write this, there’s talk that the incumbent Treasurer of the Philippines (TOP) Rosalia “Lea” De Leon, is being considered either as the wealth fund manager or as a member of the Monetary Board.
In the same boat with Ms. Lea is incumbent president and general manager of state-pension fund Government Service Insurance System Jose Arnulfo “Wick” Veloso.
Rumor has that this veteran banker and the TOP could either be the wealth fund manager because of their acumen in fund management. Both are likewise rumoured to be on the MB list.
Then, there’s former Finance Undersecretary Romeo “Romy” Bernardo, who’s aligned with the Ayala Group. Mr. Romy then supervises the International Finance Group (IFG), where Ms. Lea and Finance Undersecretary Edita “Didith” Tan honed their financial management and fund-raising expertise as well as formulated national government borrowing strategies.
Just to digress a bit, Ms. Didith now heads the IFG following the resignation of Mark Joven last June. It was like a homecoming for her. Prior to this designation, she handled the Human Resource sector.
Whether she becomes Maharlika’s WFM or an MB member, there’s a possibility that Ms. Lea may hand over her position to Deputy TOP Sharon P. Almanza, who came home recently from her two-year stint in the World Bank Group as Alternate Executive Director representing Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Philippines, Suriname and Trinidad & Tobago since November 2022.
Some insiders, though, are betting on lawyer Erwin D. Sta. Ana, another DTOP in charge and directly controls the functions of the Liability Management Service and Management Information Systems Service.
On the other side of the financial market, former Finance Secretary Jose T. Pardo has been given another two-years to chair the Philippine Stock Exchange (PSE) as well as Ramon Monzon as president.
Veteran banker Peter B. Favila, who recently retired as an MB member for 12 years, will be joining PSE as an independent director. Like Ms. Didith, it will be a homecoming for Mr. Peter in PSE, where he was the chair in 2005.
While the three PSE positions have been fully filled-up and confirmed, in contrast the banking community, however, is still awaiting for three names that will complete the MB membership-line up.
Although for the moment, four is considered a majority, when it comes to key, crucial decisions, there is no one to break a possible tie as it‘s even Steven, so they say.
As the wheels of the banking remain sound and stable, it is however high time Malacanang announces the new MB members. The seven-man board complement is required on rulings and decisions such as financial assistance to a lender.
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