Medalla retained; Favila, Abacan new members of Monetary Board

June 29, 2017

President Duterte has retained former socioeconomic planning secretary Felipe Medalla and appointed two new members—Peter Favila and Dr. Antonio Abacan Jr.—to the Monetary Board (MB), the Department of Finance (DOF) said Wednesday. Finance Secretary Carlos Dominguez III said Medalla, Favila and Abacan will serve a fixed term of six years each as provided under the New Central Bank Act. Dominguez welcomed the president’s decision to retain Medalla, and name Abacan and Favila, to the Board at a time when continuity and reforms are needed to maintain the resilient and stable fiscal environment. "Alongside the appointment of BSP deputy governor as the next governor of the central bank, the president's selection of Favila and Abacan as the new members of the Monetary Board will keep the BSP in good hands over the medium term," Dominguez, also an MB member, said. “They were carefully chosen by the President to ensure that we continue with fiscal policies that would help sustain our growth momentum and attract more investments.  I am certain that Messrs.  Medalla, Favila and Abacan will carry on the great service set by their predecessors,” Dominguez said. Abacan and Favila replaced Armando Suratos and former Development Bank of the Philippines (DBP) chairman Alfredo Antonio who are scheduled to step down this year. Dominguez also thanked Suratos and Antonio for their outstanding service and contributions in helping craft policies under outgoing BSP Gov  Amando Tetangco that were instrumental in transforming the Philippine economy into one of the world’s fastest growing, while keeping interest rates low,  inflation manageable and the local currency stable. The powers and function of the BSP are exercised by its MB, which has seven members appointed by the President of the Philippines. The newly announced appointments complete the membership of the board,  which includes Dominguez, Juan De Zuniga Jr., and Valentin Araneta, and its would-be chairman, incoming BSP Gov. Nestor Espenilla who will assume office on July 3. DMS