Bankers, MVP laud inclusion of 'notable economists' in Marcos Cabinet

ABS-CBN News

Posted at May 27 2022 04:27 PM

MANILA - The Bankers Association of the Philippines (BAP) on Friday said it welcomed the appointment of notable economists to the Cabinet of President-elect Ferdinand Bongbong Marcos Jr.

Incumbent Bangko Sentral ng Pilipinas Governor Benjamin Diokno and BSP Monetary Board Member Felipe Medalla were chosen by Marcos as the next finance secretary and the next central bank chief, respectively.

“Drs. Diokno and Medalla are notable economists who have the scholastic distinction and extensive experience that transcend different administrations, making them the best candidates for these roles,” said BAP president Antonio Moncupa. 

“We are confident that under their stewardship, the country will be able to successfully navigate the various fiscal and economic challenges incumbent upon us,” Moncupa said in a statement. 

BAP said their experiences were "valuable assets" in the Philippine economy's road to recovery. 

 UP ECONOMISTS TAKE HELM

Tycoon Manny Pangilinan also commended Marcos Jr's choices, most of which are alumni of the University of the Philippines.

Among those announced to join the Marcos cabinet who have ties to UP are BSP Gov. Diokno, Medalla, former UP president Fred Pascual who will head Department of Trade and Industry, and Philippine Competition Commission chairman Arsenio Balisacan who will return as director-general of the National Economic and Development Authority.

"We ourselves as a group have been working closely with UP economists . We know Sec. Medalla, Sec. Diokno, Sec. Balisacan to some extent and the other UP economists. We certainly would be more than open to work with them," said Pangilinan at the sidelines of the Annual Shareholders' Meeting of Metro Pacific Investments Corp.

"We always enjoyed having intellectual discourses with the UP economists," he added.

Despite the better-than-expected economic growth in the first quarter, which hit 8.3 percent, the incoming administration will face escalated inflation as well as ballooning debt.

— With a report from Jekki Pascual, ABS-CBN News

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