In one of those comic strips by an American cartoonist, who created Calvin and Hobbes that “depicts Calvin’s frequent flights of fancy and friendship with his sardonic stuffed tiger Hobbes”, wrote: “Nothing is permanent. Everything changes. That’s the one thing we know for sure in this world.”

This passage came to mind as we start to chart 2024. Yes, Virginia, although some will be apprehensive, may express reservations and even oppose, but I do believe many changes will happen this year, specifically in my favorite place, the Bangko Sentral ng Pilipinas (BSP).

Heard along third floor corridors, the bridgeway connecting BSP and the Department of Finance (DOF), that Zeno Abenojar, finance undersecretary for Policy Development and Management Services Group will soon be back to his mother office – the BSP.

Prior to this, Mr. Zeno was the head honcho of the department of economic research of the BSP. He was seconded to the DOF following the transfer/assumption of then BSP Governor Benjamin “BED” E. Diokno as the 32nd finance chief in June 2022.

In civil service parlance, it’s called secondment. It’s an inter-department movement of an employee from one department or agency to another but is, altogether, temporary in nature.

An A1 but muted source tells me that Mr. Zeno has already made overtures of his intention to go back to BSP once DOF’s very own economic research sector has been finally put in place, which is one of the thrusts of Mr. BED. “It’s near completion. BSP Gov. Eli is very well aware of Zeno’s return.”

He was also put in charge of drawing up the blueprint of the merger between the Land Bank of the Philippines and the Development Bank of the Philippines (DBP). So far, everything’s silent on the Land Bank-DBP marriage, which created a howler in the banking community last year.

Mr. Zeno, who is scheduled to return to BSP sometime next month, is being groomed as the successor of Senior Assistant Governor (SAG) of the Monetary Policy Sub-sector Iluminada “Lou” Sicat. 

Ms. Lou is on an extended six-month service. She hit the mandatory retirement August of 2022. Her service extension will lapse this February. I have this feeling that moving forward, Mr. Zeno may possibly inherit the Monetary and Economics Sector (MES).

Based on the succession trend, prior to his assumption as Deputy Governor for MES, Dr. Franciso “Francis” G. Dakila, Jr. was assistant Governor for the Monetary Policy Sub-sector. Dr. Francis is retirable sometime next year.

Because of its impact on the market, the banking community is closely watching who will finally sit as the new treasurer of the BSP with the retirement of SAG Ramona innie” Santiago.

In November last year, Senior Director for Domestic Market Operations Lorelei “Lei” S. Fernandez was designated officer-in-charge of the Treasury Department when Ms. Winnie hit the mandatory retirement age.

Will there be a change at helm of the BSP Treasury? “Definitely and it is forthcoming,” declares another A1 but muted source, affirming the scuttlebutt going-on along the BSP 3rd floor corridors that SAG Edna Villa it is.

For now, Ms. Edna heads the payments and currency development sub-sector that oversees BSP’s payments policy and development, payments supervision and licensing, and currency policy and integrity operations. Before this, she was the head of the International Monetary Affairs and Surveillance Sub-sector.

She will be a “balikbayan” of sorts to the sprawling BSP main office in Roxas Blvd. complex from the Security Plant complex located at the heart of Quezon City. Prior to her current position, Ms. Edna was the chief of staff (COS) twice over for BSP Gov. Philip Medalla and served the longest over 11 and a half years for, in my books the greatest of all times, BSP Gov. Amado M. Tetangco, Jr. 

Ms. Edna’s expertise is markets and market operations as well as external debt management, foreign exchange (FX) regulations, FX reserve management, FX and monetary policy implementation through market operations.

Let's watch these changes unfold. 

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