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June 22, 2024

Bank presidents welcome appointment of new BSP Governor, DOF secretary

The Bankers Association of the Philippines (BAP) welcomed the nomination of Bangko Sentral ng Pilipinas Governor Benjamin Diokno as secretary of the Department of Finance (DOF) and seasoned Monetary Board Member Felipe Medalla as the new central bank governor.

BAP president Tony Moncupa said both Diokno was secretary of the Department of Budget and Management under President Rodrigo Duterte and former President Joseph Estrada, while Medalla was Socioeconomic Planning Secretary and director general of the National Economic and Development Authority during the Estrada administration.

“Diokno and Medalla are notable economists who have the scholastic distinction and extensive experience that transcend different administrations, making them the best candidates for these roles,” the bankero said.

Moncupa, who is stepping down as president and CEO of Gotianun-led East West Banking Corp., said the experiences of both Diokno and Medalla as economic managers in past administrations are valuable assets as the Philippines makes its way towards economic and post-pandemic recovery.

“We are confident that under their stewardship, the country will be able to successfully navigate the various fiscal and economic challenges incumbent upon us,” Moncupa added.

According to the bankero, the BAP will continue to work with the DOF and BSP in pursuing initiatives that support fiscal stability and strength, and policies that will promote socio-economic development for the Filipino people.