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British Chamber, other business groups back BSP Governor Diokno appointment in Central Bank

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British Chamber, other business groups back BSP Governor Diokno appointment in Central Bank
By Monsi A. Serrano

Despite some reservations from some political leaders and personalities saying that the newly appointed Central Bank Chief is not a banker but economist and not familiar with regulations, there are various business sectors that rallied behind Benjamin Diokno as the new governor of the Bangko Sentral ng Pilipinas (BSP).

In the interview of The Philippine Business and News to the British Chamber of Commerce Philippines Executive Chairman Chris Nelson about the appointment of Diokno, he said that this is a welcome development.

The BritCham Chairman recalled how the former Budget Secretary did well during their trade mission in London spearheaded by the BCCP promoting Philippines as investment hub for the British companies.

“He knows his craft very well and he been helping to make our economy strong and do necessary policies development. With his appointment in the Central Bank, we are happy about this and wish our new BSP Governor Diokno the best in his new post”, Nelson added.

Apart from the British Chamber of Commerce, others business groups said that the new Chief of Bangko Sentral ng Pilipinas has vast experience in fiscal policy making and his credentials would enable him to carry out the responsibilities in his new assignment.

The American Chamber of Commerce of the Philippines senior adviser John Forbes said the group likewise sees the appointment of Diokno to head the BSP as a welcome development.

“He is a highly experienced public servant and one of the country’s top economists. We hope he will complete the charter reforms that were not included in the recent amendments approved by the President,” Forbes said.

For Edgar Chua, Makati Business Club Chairman said, “We welcome Sec. Diokno’s appointment. He’s very qualified both in experience and academic credentials with a PhD in economics.”

The Philippine Chamber of Commerce and Industry through their President Alegria “Bing” Limjoco said that the PCCI supports the appointment of the newly appointed BSP Governor Diokno because he has served government and introduced various reforms such as the cash-based budgeting system and modernization of the procurement system to strengthen government’s accountability for the use of public funds.

“While Diokno is more of an economist than a banker, the new BSP governor has worked as adviser and consultant to various multilateral agencies such as the World Bank, Asian Development Bank, European Commission and US Agency for International Development for work in the Philippines, China and transitioning economies like Vietnam, Cambodia and Mongolia, and the experience would aid him in his job,” the PCCI said

“His being an economist and having worked with government in such capacity, in fact, could work more to his, and our advantage. He understands the strategic direction of the economy, which gives him a balanced perspective of banking policies and programs,” Limjoco added.

Meanwhile, the Management Association of the Philippines (MAP) also welcomed the appointment of Diokno given his expertise as an economist and his extensive experience in the executive branch on fiscal policy and management would serve him well in his new job.

The group also claimed that they supports the BSP’s initiatives to maintain price and financial stability for sustainable economic growth, as well as the push for a more efficient payments system to allow more individuals to have access to financing.

“We are confident that the BSP, under Governor Diokno, will continue to promote good governance and transparent policies in the financial system,” the MAP said.

Another group that issued their statement of support is the Bankers Association of the Philippines (BAP). They expressed support for the newly appointed central bank governor, and expressed confidence Diokno would be able to continue the necessary reforms in the banking industry.

“A respected economist, academic, and civil servant, Diokno spearheaded various budget and governance reforms which improved the efficiency of the delivery of government services in the country. The BAP is optimistic that the reformist brand of leadership of the new BSP Governor will pave the way in continuing the necessary reforms and policies to strengthen the Philippine banking industry,” BAP said in a statement.

“Moving forward, the BAP supports the new BSP governor as a new chapter of the Bangko Sentral is about to unfold. The association will remain committed in its role as a partner of the national government in building a strong economy through an empowered Philippine banking sector,” it added

Read related story:

Former Budget Secretary Diokno is the new Central Bank Governor

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