Daily TribuneRecto is the seventh and last member of the BSP’s Monetary Board; Benjamin Diokno whom he replaced as Finance Secretary is also with the Board but now one of five members representing the private sector
New face at MBPresident Ferdinand ‘Bongbong’ Marcos Jr. has designated Finance Secretary Ralph Recto as Cabinet representative to the Monetary Board, or MB, the highest policy-making body of the Bangko Sentral ng Pilipinas. The MB is chaired by BSP Governor Eli Remolona Jr. (left) who administered Recto’s oath of office. | Photograph courtesy of BSP
Department of Finance Secretary Ralph Recto on Monday was sworn in as a new member of the Monetary Board of the Bangko Sentral ng Pilipinas, or BSP.
Recto became the seventh and last member who joined the MB as representative of the government.
The central bank’s Monetary Board ensures that prices of goods and services are stable, the banking industry’s finances are well-managed, and payments systems are safe and sound.
New Central Bank Act
Under the New Central Bank Act, the Monetary Board is composed of the BSP Governor in the lead, a Cabinet member, and five representatives from the private sector.
All members are appointed by the President of the Philippines and will serve for six years, except for two members from the private sector whose term in the Monetary Board will be for three years only.
Benjamin Diokno, whom Recto replaced as Finance Secretary is also with the Monetary Board but as one of the five members representing the private sector.
The BSP clarified to media last Saturday that the last member of the Monetary Board does not necessarily have to be the existing finance chief as in the past, the Board had welcomed a former Department of Trade and Industry secretary among its members.
Monetary Board members
BSP Governor Eli Remolona Jr., Diokno and Recto join the four other private-sector and full-time members, namely, Bruce Tolentino, Anita Linda Aquino, Romeo Bernardo and Rosalia de Leon.
The law requires that members of the Monetary Board must be natural-born citizens of the Philippines and aged at least 35, except the BSP Governor who should be at least 40.
They should possess good moral character, unquestionable integrity, known probity and patriotism, and with recognized competence in social and economic disciplines.
Recto was a representative of Batangas’ 4th district before becoming a senator.
He had also served as director general of the National Economic and Development Authority under the Arroyo administration.
His other achievements include leading the Senate’s committee on ways and means, and co-creating the 1997 Comprehensive Tax Reform Program at the House of Representatives.
