Palace says BSP in ”good and competent” hands under Diokno

March 5, 2019

Malacanang on Tuesday said the helm of the Bangko Sentral ng Pilipinas is in “good and competent” hands under the leadership of Budget Secretary Benjamin Diokno.

“The Palace wishes to inform the appointment of Department of Budget and Management (DBM) Secretary Benjamin Diokno as the new Governor of Bangko Sentral ng Pilipinas (BSP), succeeding the late Governor Nestor Espenilla, Jr.,” Presidential spokesperson Salvador Panelo said in a statement.

Panelo said it was announced by President Rodrigo Roa Duterte at the start of the 35th Cabinet Meeting last Monday.

During the term of the late President Corazon Aquino, Diokno became  Undersecretary for Budget Operations where he provided technical assistance to several major reforms such as the design of the 1986 Tax Reform Program.

Equipped with a Ph.d in economics from Syracuse University during the Estrada Administration, Diokno as budget secretary instituted several reforms, including  adopting information and communications technology in the government's procurement system.

During the Duterte Administration, he was instrumental in presenting a budget which laid down the foundation for a "Matatag, Maginhawa at Panatag na Buhay" through investments in growth-enhancing infrastructure programs and innovations, inequality-reducing social services and peace-enabling initiatives.

“A job well done indeed, and expertly at that,” said Panelo.

He thanked Diokno for his service as budget secretary.

“In his new tour of duty in the BSP, we expect incoming Governor Diokno to spearhead reform initiatives 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 President Duterte just last February 14,” said Panelo.

“We wish Secretary Diokno all the best in his endeavors as the new chief of the country’s central monetary authority,” he added.

Anti-Money Laundering Council Executive Director Mel Georgie Racela said Diokno is qualified for the position since the president is looking for someone who is competence and has an integrity.

“I shared the wisdom of the president,” Racela said in an interview with The Daily Manila Shimbun.

“Since there are only two qualifications, that’s competence and integrity so I think he is qualified for it,” he added.

Finance Secretary Carlos Dominguez III said Diokno brings the 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,” he said.

“All of these will contribute to his successful stewardship of the Bangko Sentral ng Pilipinas as its next governor and chairman of the Monetary Board. His competence is unquestionable, owing to his deep expertise in macroeconomics and extensive senior management experience in government and the private sector,” he added.

According to Diokno, Undersecretary Janet Abuel will be the acting budget secretary until Duterte appoints his replacement.  Ella Dionisio/DMS