BSP chief Diokno is next Finance chief

Former Socioeconomic Secretary Felipe Medalla chosen for top BSP post

(Eagle News) — President-elect Bongbong Marcos has chosen Bangko Sentral ng Pilipinas governor Benjamin Diokno to lead the Department of Finance under his administration.

In a press conference held a day after he was proclaimed as the country’s next president, Marcos also announced he has chosen former Socioeconomic Secretary Felipe Medalla to take the helm of the BSP with Diokno assuming the new post.

In a statement, Diokno thanked President-elect Marcos, saying “it is an honor to serve the Filipino people in my current and any future capacity.”

According to Diokno, as Finance Secretary, he would “strive to continue prudently and carefully balancing the need to support economic growth, on one hand, and to maintain fiscal discipline, on the other,” emphasizing the importance of policy continuity.

“Prior to the pandemic, the Philippines was poised to transition into an upper-middle-income economy, thanks largely to sound economic policies put in place over decades by multiple administrations,” he said.

“As the country transitions to the next administration, it is my view that continuity of sound macro and fiscal policies is important to achieve the stronger post-COVID Philippine economy that we all aim for,” he added.