Let’s get away from the telenovela drama of the Senate with its shifting power dynamics and lingering public doubt and growing dismay—as well as the choppy trend in the cost of crude oil per barrel in the international market and its trickle-down negative effects on our way of life.

Not that it does not matter, Virginia. We all know that the cost of fuel is front and center of our miseries, virtually upended our lives with the seemingly never-ending uptick in the prices of food items and transportation.

This corner of the business corridor will take a look into three candidates, but not for any beauty contest, which is normally held during summertime. It is still the summer season, though thunderstorms visit every now and then.

Just as an aside, have you ever wondered why beauty contests—the search for the most beautiful Filipinas to represent the country in various international pageants—are held during summer?

Beauty contests are deeply ingrained in Philippine culture, functioning as both national entertainment and a platform for social mobility. The practice of holding national pageants like Miss Universe Philippines during the summer months perfectly aligns with the country's fiesta spirit and peak festive energy.

Yes, Virginia, the Philippines is a pageant powerhouse. Even CNN’s international business correspondent Richard Quest, in one of his Quest Means Business episodes, attended a renowned “beauty bootcamp” here in Manila to see if he had what it takes to go for the crown and become pageant royalty.

And as the country prepares to transition into the rainy days, the Bangko Sentral ng Pilipinas (BSP) is on the same track, preparing for the eventuality that Senior Assistant Governor (SAG) Dr. Edna C. Villa will be throwing in the towel as treasurer as she reaches the mandatory age of retirement.

As earlier disclosed, the BSP is making a historic decision to veer away from homegrown talent and instead engage the services of an outsider to be the new shepherd of the treasury department. While it is most likely that SAG EV’s services will be extended until the end of the year, preparations are underway for her replacement.

The latest I’ve heard along the hallowed halls is that the BSP has already narrowed down the possible candidates to three, all of whom have built a solid background in treasury and foreign exchange (FX).

Also, the trio shares one common denominator: at one point in their banking journeys, they were all with the treasury and global markets sector of HSBC Manila under the tutelage of no less than seasoned banker, now GSIS President and General Manager, Jose Arnulfo “Wick” Veloso.

And the candidates are: Roberto “Dondi” Baltazar, Dino Gasmen, and Dalmacio “Coco” Martin.

Candidate number 1, Dondi, was head of FX trading for HSBC before he joined Mr. Wick at the Philippine National Bank (PNB) in 2019. He is now the bank’s executive vice president and head of the global banking and market sector.

Candidate number 2, Dino, spent 17 years with HSBC and held several key positions within global markets, including head of rates trading for the Philippines, Indonesia, Vietnam, and Sri Lanka. He joined the Bank of the Philippine Islands (BPI) in 2014 and now holds the position of executive vice president, treasurer, and head of global markets.

Finally, candidate number 3, Coco—not to be mistaken for the other Coco Martin, the actor-director and BDO Network Bank brand ambassador—was head of Markets’ Institutional Sales at HSBC before he joined BDO Unibank in 2009 as treasurer and head of the treasury group.

In January, Coco was “transitioned” to the Office of the President, which sparked rumors that he is being “prepared” to take the place of Nestor V. Tan, who has steered BDO for the last 28 years.

Bringing in an outsider to lead the BSP treasury department triggers debate among market observers. While external candidates may introduce fresh market perspectives and innovative strategies, appointing from within the ranks generally provides essential central banking continuity.

From where I stand, finding the right balance between outside innovation and institutional knowledge at the BSP is a sensitive task. Let’s see how this unravels.