Recto sworn in as BSP Monetary Board member

Finance Secretary Ralph Recto took his oath as a member of the Bangko Sentral ng Pilipinas (BSP) Monetary Board on Monday, joining the seven-member policy-making body alongside former finance secretary Benjamin Diokno.

Recto's swearing-in marks him as the latest addition to the influential group that steers monetary policy under BSP Governor Eli Remolona Jr., with five private sector members also comprising the board.

As Cabinet representative, Recto is expected to prioritize inflation and stable economic growth while providing inputs on National Government debt and taxes to support the Monetary Board's policies.

Prior to his role as Finance Secretary, Recto served multiple terms as a senator and deputy speaker of the House of Representatives, authoring several tax measures including the Rice Tariffication Act.

The BSP is set to hold its first policy meeting this year on February 15, with ongoing efforts to remove the Philippines from the Financial Action Task Force's 'gray list' for money laundering and terrorism financing risks.