Economic managers on Wednesday allayed fears the appointment of new Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno was “politicized” and would affect the independence of the central bank when it makes policy decisions.
In a business forum on Wednesday, Finance Secretary Carlos G. Dominguez III, the head of the Duterte administration’s economic team, said the BSP charter was “very clear” in maintaining the independence of the central bank and the Monetary Board, its highest policymaking body.
“There is no plan or no effort to take over or influence their decisions. I sit in the Monetary Board, and what I do there, I take off my Finance Secretary hat. And really, the way the deliberations are done, is that they take a look at the data—they have very, very good analysts,” said Dominguez, who represents President Duterte’s Cabinet in the seven-member body.
As the government’s representative, Dominguez noted that he had only one-seventh of the vote.
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The Finance chief said Diokno was “the most qualified” for the top BSP post, noting the outgoing budget secretary had several economics degrees tucked under his belt and a vast experience working not only in government but also in the private sector and academe.
In a separate press conference, Diokno said he was most qualified for the job even as critics assailed President Duterte’s appointment of an “outsider” or a non-BSP career official.
