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Former DOF official is now BSP Monetary Board member

Business | Banking & Finance

Former DOF official is now BSP Monetary Board member

By Lee C. Chipongian

A former undersecretary of the Department of Finance (DOF) is now a member of the Bangko Sentral ng Pilipinas’ (BSP) seven-man Monetary Board, the policy-making arm of the central bank.

The BSP announced Friday, Sept. 15, that Romeo L. Bernardo has been sworn into office last Sept. 14 by BSP Governor Eli M. Remolona Jr. at the BSP head office in Manila.

Bernardo, 66, served as DOF undersecretary during the time of both Presidents Cory C. Aquino and Fidel V. Ramos, in the 1990s.

A first time Monetary Board member, he will serve a six-year term starting on Sept. 14.

The BSP’s Monetary Board is chaired by Remolona, himself once a member of the Monetary Board before his appointment in June 2023 as the country’s seventh BSP governor.

Another incoming Monetary Board member is National Treasurer Rosalia V. de Leon, also recently appointed by Malacanang. She has yet to take her oath of office.

The other Monetary Board members are DOF Secretary Benjamin E. Diokno, V. Bruce J. Tolentino, and Anita Linda R. Aquino.

Malacanang has yet to appoint another Monetary Board member to complete the roster of seven.

Bernardo was DOF offical from 1990 to 1996 and according to the BSP, he has worked at multilateral institutions, including the World Bank, International Monetary Fund, and Asian Development Bank.

“He has gained extensive private sector experience having served on the board of directors of the Bank of the Philippine Islands, Globe Telecom, Aboitiz Equity Ventures, Monde Nissin, RFM Corporation, and Philippine Investment Management Inc,” said the BSP.

Bernardo was also chairman of the ALFM Family of Mutual Funds, lead Philippine advisor to GlobalSource Partners, co-founder and vice chair of the Foundation for Economic Freedom, and co-founder and president of financial advisory firm Lazaro Bernardo Tiu & Associates Inc.

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