BSP Monetary Board expands to seven members with Diokno's appointment

The Bangko Sentral ng Pilipinas (BSP) Monetary Board now has seven members after former Finance Secretary Benjamin Diokno's appointment on January 15.

Currently, the 7-member body that sets monetary policy is chaired by BSP Governor Eli Remolona and includes MB members Bruce Tolentino, Anita Linda Aquino, Romeo Bernardo, Rosalia De Leon, and Benjamin Diokno.

Deputy Governor Eduardo Bobier clarified that any Cabinet Secretary may be appointed to fill the remaining seat on the Monetary Board, but it is not automatic for the Finance chief to join.

Previous government representatives in the board have included officials from NEDA and DTI, indicating that the role is flexible and not limited to the Finance Secretary.

The New Central Bank Act specifies that five members must come from the private sector while one member has to be a Cabinet representative designated by the President.