A number of comments on my previous piece “Changes and succession” on my wall believe there’ll be more changes in the offing at my favorite place along Roxas Boulevard – the Bangko Sentral ng Pilipinas and its environs.
As I write this, everyone in the banking and business community is talking about sea change referring to the change in leadership at the other side of the BSP complex – the Department of Finance (DOF).
Yes, Virginia it will be some sort of a sea-change as there'll be a change in perspective with an old name, who has been around in government service both appointed though mostly elected, but definitely a newcomer with a new perspective in the finance field, is coming.
By the time or even before this comes out, an announcement may have been made on the assumption of Deputy House Speaker Ralph Recto as the 43rd secretary of finance, joining the illustrious list that includes Cesar E.A. Virata, Rufino Hechanova, Elpidio Quirino, Aurelio Montinola, Sr., Andres Soriano, Sr., Rafael Alunan, Gregorio Araneta and Manuel Roxas.
Heard along the bridgeway connecting the DOF and the BSP five-storey building: incumbent FinSec Benjamin “BED” E. Diokno has nearly finished packaging with four cartloads of his personal effects and documents hauled last Friday. Also last Friday, he tendered a dinner for his staff, which a source described as some sort of “pasasalamat.”
And, the latest tattle: SecFin BED is no longer attending the annual World Economic Forum (WEF) scheduled January 14-19 at the alpine resort of Davos, Switzerland.
I wouldn’t want to hassle a guess where SecFin BED is going. From what I gathered along the bridgeway lane, he has been tasked to organize a local WEF of sorts here in Manila scheduled sometime in the second quarter, tentatively this April.
But, then, again there’s this hanging question: Will he do a cross-over? Will he go back home to BSP? Some are saying that the 7th slot in the membership of the Monetary Board has been reserved for him, the reason that up until now it has never been filled up. This is the longest period since its inception in 1993 that the seven-man policy-making body has not been completed.
Wherever SecFin BED is moving on, he has been credited by a number of BSP employees and -tier officials that availed of early retirement incentive plan (ERIP) offered when he was BSP Governor.
ERIP package specifically targets those 55 years old up to 59 years old, who are afforded 1.5 times a month for every year of service exclusive of tax. Based on my research, many availed of the ERIP, including Deputy Governor for corporate services sector Eduardo “Ed” G. Bobier and Senior Assistant Governor and General Counsel Elmore O. Capule.
The ERIP availments of both have already been approved. My A-1 but muted source said these two dye-in-cast central bankers are on extended version. Unless otherwise both get another extension, there will be changes – a new DG for corporate services and General Counsel this coming March.
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