By Liezelle Soriano

MANILA — President Ferdinand “Bongbong” Marcos Jr. has appointed former Finance Secretary Benjamin Diokno as a member of the Monetary Board.

Diokno is replacing Peter Favilla, whose term concluded on July 2, 2023.

Marcos also expressed his gratitude to Diokno for his excellent performance in the agency.

“We cannot conclude this event here this afternoon without extending heartfelt and warm wishes of gratitude to Secretary Ben Diokno for the services he has rendered to the Department of Finance during his tenure as Secretary,” Marcos said.

The Chief Executive recalled asking Diokno, then Governor of the Bangko Sentral ng Pilipinas (BSP), to take over the Department of Finance (DOF) to stimulate the economy and align all policies on the right track amid the COVID-19 pandemic.

“As one of our country’s pillars of economic management, we shall continue to rely on your expertise and enthusiasm as a member of the Monetary Board of the BSP. Maraming, maraming salamat from a grateful nation, Secretary Ben Diokno,” Marcos expressed.

(el Amigo/MNM)

By Junex Doronio

MANILA — “It ain’t over till the fat lady sings”, so it seems for Finance Secretary Benjamin E. Diokno who said on Thursday that he serves at the pleasure of President Ferdinand R. Marcos Jr. amid rumors that Batangas 6th District Congressman Ralph Recto is set to replace him.

“I serve at the pleasure of the president. I will work until, as long as I’m needed in the government,” Diokno quipped when asked if he is about to retire from government service.

Diokno previously served as Secretary of Budget and Management under the administration of President Rodrigo Roa Duterte from 2016 to 2019, and under President Joseph “Erap” Estrada from 1998 until the latter’s ouster in 2001.

He also served as the governor of the Bangko Sentral ng Pilipinas (BSP) and ex officio chairman of the Anti-Money Laundering Council from 2019 to 2022 under Duterte.

For investment banker Stephen Cuunjieng, he believes that Recto has what it takes to be a successful Finance Secretary.

“Do I think he could be a very effective Finance Secretary? Yes, he has the ingredients to do it,” Cuunjieng declared when interviewed by ANC.

Cuunjieng said the former senator who now represents the 6th district of Batangas “is qualified and he would fit the model of a successful politician-finance secretary.

The investment banker stressed that a good finance minister needs to understand that government financial issues are not simply limited to finance.

He added that the finance chief must also appreciate that there are social and political ramifications to financial and economic policies.

(AI/MNM)

By Liezelle Soriano

MANILA — Department of Finance Secretary Benjamin Diokno has expressed confidence that President Ferdinand “Bongbong” Marcos Jr. is likely to sign the 2024 P5.7 trillion national budget prior to his scheduled trip to Japan from December 16 to 18.

Diokno, responding to queries about the timing of the budget approval, stated, “Malamang,” indicating the probability of the budget signing before the President’s departure. He further explained, “I was talking to the liaison officer. The budget has been approved, and they are set to convene a conference committee by December 1st. There is ample time before the President leaves.”

The government’s 2024 budget, also referred to as the proposed General Appropriations Act, received approval from the House of Representatives during its third and final reading in late September. However, a limited number of House leaders were initially informed about the reallocation of surveillance funding.

Following Senate approval of the proposed budget, both chambers will convene at the bicameral conference for the finalization of the bill. Upon Congress’s approval and ratification, the bill will be forwarded to Malacañang for the President’s signature.

(ai/mnm)

FINANCE Secretary Benjamin Diokno recently disclosed that appointments for vacant positions within the Maharlika Investment Corp. (MIC) are expected to be announced later this month.

Nominations for these positions were closed last Wednesday. The advisory body, comprising the heads of the Budget Department, the National Economic and Development Authority, and the Bureau of the Treasury, concluded the application period for several key positions in MIC on September 27, 2023.

“The advisory body will transmit the final list of nominees to the Office of the President on or before October 12, 2023. Subsequently, the President of the Philippines will appoint the most qualified candidates for their respective roles,” Diokno said.

The MIC, responsible for managing the nation’s inaugural sovereign wealth fund, will feature a nine-member board. Three positions have already been filled, with Mr. Diokno serving as the ex-officio chairman, and the presidents and CEOs of the state-owned Land Bank of the Philippines and Development Bank of the Philippines, primary contributors to the Maharlika Fund, also securing seats.

Yet to be named are the MIC’s president and CEO, who will also serve as the vice chair, two regular directors with three-year terms, and three independent directors from the private sector with one-year terms that may be renewed annually for a maximum of nine years.

Secretary Diokno explained, “The selection process involves two stages. First, the technical team will present the list to the advisory body, which includes the DBM Secretary, NEDA Director General, and National Treasurer. The next stage is the Office of the President.”

Secretary Diokno emphasized that the success of the Maharlika Fund hinges on the appointment of highly qualified individuals.

The MIC has an initial capitalization of P125 billion, with LandBank and the DBP having already transferred their contributions of P50 billion and P25 billion, respectively, to the Bureau of the Treasury as founding government financial institutions. The remaining P50 billion will be provided by the national government.

(ai/mnm)