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Former Budget Secretary Diokno is the new Central Bank Governor

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Finally, a new governor of the Bangko Sentral ng Pilipinas (BSP) has been appointed and the surprise appointee is former Budget Secretary Benjamin Diokno who will replace the late BSP Governor Nestor Espenilla Jr., who died last February 23.

While there were some names floated like the resurrected  Speaker Gloria Macapagal-Arroyo, but many opposed her appointment because of her various involvement in the corruption especially when she is dubbed as the most corrupt leader that the Philippines has according to an opinion poll published by Reuters several years back.

With President Rodrigo Duterte’s crusade against corruption, Diokno was chosen over Arroyo according to The Philippine Business and News source from Malacañang who did not want to be named for lack of authority to speak.

With Diono’s appointment, President Duterte expects the new BSP Governor to institute the reforms needed that will align the financial institution’s operations with international best practices and improve its corporate viability, among others, in line with Republic Act No. 11211, which was signed into law by the President last February 14.

Meanwhile, Finance Secretary Carlos Dominguez III said: “Diokno brings together that elusive combination of seasoned technocrat and professional manager.”

“He knows the inner workings of government and industry, and has repeatedly demonstrated the ability to run a large, complex organization with intellectual leadership and a steady hand”, the Finance Chief added.

“Given his unquestionable competency, as well as his expertise in macroeconomics and extensive senior management experience in government and the private sector, this would certainly contribute to his successful stewardship of the Bangko Sentral ng Pilipinas as its next Governor and Chairman of the Monetary Board,” Dominguez said in closing.

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