MANILA, Philippines – President Rodrigo Duterte has named his choices to fill three soon-to-be vacant seats on the central bank’s monetary board to ensure a smooth transition at the country’s top policy-making body.
Finance Secretary Carlos Dominguez said Duterte appointed former trade minister and monetary board member Peter Favila and vice chairman of the Metrobank Group Antonio Abacan to the seven-member board.
They will replace board members Armando Suratos and Alfredo Antonio whose terms end on July 2.
Monetary board member and former economic planning secretary Felipe Medalla was given a second six-year term, said Dominguez, who also sits on the board. Medalla was first appointed to the board in 2011 by Duterte’s predecessor, Benigno Aquino.
Incoming central bank governor Nestor Espenilla, who officially assumes office on July 3, has promised continuity in steering monetary policy and reforms that have kept the Philippine economy humming amid a challenging global backdrop.
He takes over from the well-respected Amando Tetangco, who will step down next month after a 12-year tenure.
The Philippine central bank on June 22 left key interest rates unchanged and cut its forecast for inflation this year, a move likely to reduce expectations for at least one rate hike in the second half. It next meets on August 10.
