MANILA — President Ferdinand Marcos Jr has just over three weeks to decide on who will be the next Bangko Sentral ng Pilipinas (BSP) governor when incumbent Felipe Medalla’s term ends on July 3.
Bankers, fund managers and economists who spoke to Reuters say Marcos should pick an insider from the central bank for a seamless transition and continuation of programs, should Medalla’s term not be extended.
Here are possible candidates, in alphabetical order:
Benjamin Diokno
Currently finance minister, Diokno, 75, was the central bank’s governor from March 2019 to June 2022.
During his term, he led the BSP in propping up liquidity, providing relief to banks, and cutting interest rates to record lows at the height of the pandemic.
The former University of the Philippines economics professor is also a two-time budget minister.
On Friday, Diokno said he had no interest in returning to the job.
Peter Favila
Favila, 74, is a two-termer on the BSP’s seven-member monetary board and built a career in banking and finance.
He was known as a fierce negotiator as the Philippine trade minister in 2005. Favila has led three local banks and was president and chair of the Philippine Stock Exchange.
Chuchi Fonacier
Fonacier, 61, is the central bank’s deputy governor and chief of its department responsible for regulating banks.
She joined the central bank as a bank examiner 39 years ago, rising to deputy governor in 2017.
A certified public accountant, she has driven many of the central bank’s reforms, including the consolidation of weaker commercial banks through mergers and acquisitions.
Felipe Medalla
Medalla, 73, has been BSP governor since July 2022, steering it during its series of rate hikes to battle elevated inflation.
He is an economist and educator who earned his doctorate in economics from Northwestern University in the United States.
Medalla has served under four Philippine presidents, starting in the 1990s, and was economic planning minister from 1998 to 2001. On Thursday, he said it would be “a blessing” to be able to serve as governor for longer
Jose Arnulfo Veloso
Veloso, 56, is a veteran banker who has served as president of state pension fund GSIS since July 2022.
A former president of the Philippine bankers association, he is widely known by his nickname, Wick, and was once president of the Philippine National Bank and the first Filipino to be appointed CEO of HSBC’s Philippine arm.
—Compiled by Neil Jerome Morales; Editing by Martin Petty
