House members welcome Diokno appointment as BSP governor

“Dr. Benjamin Diokno is a respected economist, university professor, and veteran in public service with decades of wisdom on inflation management and public finance,” Ong said. (File Photo: Department of Budget and Management)

MANILA — Several lawmakers at the House of Representatives on Tuesday welcomed the appointment of Budget Secretary Benjamin Diokno as the new governor of the Bangko Sentral ng Pilipinas (BSP), saying his expertise and long experience in governance makes him qualified for the position.

Eastern Samar Rep. Ben Evardone said as BSP governor, Diokno brings with him his “wealth of expertise and experience in the financial sector.”

“I welcome the appointment of Secretary Diokno as BSP governor. I think he will continue the efforts of the BSP to tame inflation and be a catalyst for development, especially now that we have just amended the Central Bank Act to empower more the BSP in sustaining economic growth and ensuring financial stability,” Evardone said in a text message to reporters.

Meanwhile, Parañaque Rep. Gus Tambunting said that while Diokno’s appointment is the prerogative of President Rodrigo Duterte, he nonetheless “firmly believes in Diokno’s long experience in governance.”

“Being an economist, he is qualified to head the BSP, especially since the BSP is in charge of monetary policies,” Tambuting, chair of the House Committee on Games and Amusements, said in a press briefing.

Leyte Rep. Henry Ong also vouched for the former budget chief’s credentials.

“Dr. Benjamin Diokno is a respected economist, university professor, and veteran in public service with decades of wisdom on inflation management and public finance,” Ong said.

“I hope that is enough for the banking community and the investing public to trust Dr. Diokno at the helm of the BSP,” the chair of the House Committee on Banks and Financial Intermediaries added.

However, the ranking lawmaker pointed out that Diokno still has to hurdle the powerful Commission on Appointments (CA) for the confirmation of his appointment.

While he is not a member of the CA, Ong said that he will “trust the wisdom of Speaker Gloria Macapagal-Arroyo and the House leadership on the matter.”

However, for House Minority Leader and Quezon Rep. Danilo Suarez, Diokno’s confirmation at the CA might just well be a formality.
“He would be confirmed. There’s no question about that. President’s choice yan e (That is the President’s choice),” the seasoned lawmaker said in a press briefing.

However, Suarez said that while the House minority would not block Diokno’s appointment, they would still ask the outgoing budget chief about some issues related to the ongoing House probe on alleged irregularities in the 2019 budget.

The House minority has two seats in the 25-strong CA.

“Hindi namin haharangin (We will not block his appointment). We will just be asking questions. That would also be good for him to enlighten and answer some questions that haven’t been answered during the question hour,” Suarez said.

“It’s simply asking questions,” he added.

Duterte appointed Diokno as new BSP governor to replace Nestor Espenilla Jr. who passed away on February 23 after battling tongue cancer.

Diokno, who will be the fifth central bank governor, will serve until July 2023.

The new BSP governor finished his Bachelor’s Degree in Public Administration at the University of the Philippines (1968), and earned his Master’s Degree in Public Administration (1970) and Economics (1974) from the same university.

He also holds a Master of Arts in Political Economy (1976) from the Johns Hopkins University in Baltimore, Maryland, USA and a PhD in Economics (1981) from the Maxwell School of Citizenship and Public Affairs, Syracuse University in Syracuse, New York, USA.

Diokno also served as budget secretary during the Estrada administration.

He also served as fiscal adviser to the Philippine Senate and as chairman and CEO of the Philippine National Oil Company (PNOC) and chairman of the Local Water Utilities Administration, among other vital government and private positions that he held.

Diokno was also a professor at the University of the Philippines’ School of Economics.