The political telenovela continues at the Senate with the emergence of a new crying lady, a public confession of sibling love manifested through culinary gifts, and most recently, the staging of a dramatic walkout.

Yes Virginia, the Senate is currently in severe institutional turmoil. These political theatrics and internal strifes undermine the country’s reputation, greatly influence investor confidence—which we are in dire need of—and significantly dampen the already fragile market sentiment.

For the second time, I humbly beg your indulgence as I digress from the anticipated price developments in the financial markets to address this prevailing political polarization.

Now, in my continuing chase and as a follow-up to my previous piece about the candidates being considered to succeed Senior Assistant Governor (SAG) Dr. Edna “EV” Villa, my nose for news has led me to another search.

That’s right Virginia! Aside from the hunt for the new BSP treasury department chief, there is a strong possibility that the appointments of Monetary Board Members (MBM) Walter Wassmer and Jose “Jojo” Querubin will not be extended—or more appropriately, that neither will be reappointed.

By the way, the latest I’ve heard along the quiet, hallowed halls of the BSP is that a “winner” has been selected to take the helm of the treasury department. The identity of the “chosen one” will soon be disclosed—at the earliest, today as this column comes out, or sometime this coming month.

For now, though, my lips are sealed. But I promise I will let you in on the backstory of how the search went and the emotions of the candidates during the rigors they went through. To the victor, a salute!

Back to the topic at hand: the search for possible replacements is on because the terms of both MBM Jojo and MBM Walter are scheduled to end this July 2, just as the BSP marks its 33rd anniversary as an autonomous monetary authority. The duo was appointed by President Ferdinand “BBM” Marcos Jr. to serve out the unexpired terms of previous MBMs who were embroiled in the “ghost employees” controversy.

Specifically, MBM Walter was appointed to the board in July 2024 to step into the remaining term of former member Bruce J. Tolentino. MBM Jojo, on the other hand, was uprooted from his otherwise subdued retirement life in Toronto and appointed in September 2024 to fill the unexpired term of Anita Linda Aquino.

The duo has one common denominator: at one point in their academic journeys, they were classmates of BBM. MBM Walter was a classmate/batchmate at La Salle Greenhills, while MBM Jojo was a classmate at the Wharton School of Business.

Section 6, Article II of Republic Act 7653, as amended by RA 11211, states, among other things, that all MBMs, including the BSP Governor, serve a fixed term of six years.

The seventh member occupies an ex-officio Cabinet seat designated by the President—customarily held by the Department of Finance Secretary, though in the past it has also been held by the Trade and Industry Secretary.

Unless they are reappointed, the intense discussion currently buzzing in banking corridors centers on possible candidates. The shortlist reportedly includes Roberto Juanchito “Jojo” Dispo, former Deputy Treasurer of the Philippines (DTOP) and ex-president of First Metro Investment Corp.

Mr. Jojo currently serves as vice-chairman and president of Cirtek Holdings Phils. Corp. and adviser to the board of billionaire Lucio Co’s Philippine Bank of Communications. He was the dealmaker in the acquisition of PrimeWater Infrastructure Corp. from the beleaguered Villar Group by Crystal Bridges Holdings, which is owned by billionaire Co.

That’s right Virginia, the former DTOP was one of the candidates for MBM back in 2024 following the resignations of MBMs Tolentino and Aquino. This other “Jojo” is currently reported to be helping former Housing Czar and Department of Human Settlements and Urban Development head Jose “Jerry” Acuzar in an “unofficial capacity.”

As always, we’ll continue to monitor how this unfolds.