Marcos picks Benjamin Diokno as Finance chief, Felipe Medalla to head BSP

President-elect Bongbong Marcos on Thursday announced that Benjamin Diokno is his chosen Finance secretary.,Marcos said Diokno—currently serving as Bangko Sentral ng Pilipinas (BSP) governor—has accepted his offer to lead the Department of Finance (DoF).,Diokno was supposed to serve at the central bank until July 2023 to cover the unexpired term of former governor Nestor Espenilla Jr., who died after a battle with cancer in February 2019.,“It is an honor to serve the Filipino people in my current and any future capacity. I am grateful and humbled by the trust given to me by the President-elect to help his administration manage the country’s fiscal affairs,” Diokno said in a statement.,“As finance secretary, I will strive to continue prudently and carefully balancing the need to support economic growth, on one hand, and to maintain fiscal discipline, on the other.”,Diokno has served as Department of Budget and Management (DBM) secretary under two different administrations of presidents Joseph Estrada, and Rodrigo Duterte.,He was DBM undersecretary during the late former president Corazon Aquino’s term.,Diokno is a professor emeritus at the University of the Philippines, where he earned his bachelor’s and master’s degrees in Public Administration and Economics.,He holds a Ph.D. in Economics from Syracuse University and an MA in Political Economy from John Hopkins University.,BSP Monetary Board Member and former Socioeconomic Planning Secretary Felipe Medalla, meanwhile, is Marcos’ pick to head the central bank.,“His [Diokno’s] place in the BSP will be taken by Felipe Medalla who will take on his unexpired term,” Marcos announced in a press briefing.,Diokno lauded the choice of his successor as BSP chief. “I recommended Medalla to take over to ensure continuity and closer coordination between fiscal and monetary authorities,” he disclosed.,Medalla is a member of the BSP’s Monetary Board since July 2011.,He was the Socioeconomic Planning Secretary and the Director-General of the National Economic and Development Authority during Estrada’s administration.,Medalla was a professor and served as a dean at the University of the Philippines’ School of Economics.,Medalla holds a Ph.D. in Economics from the Northwestern University in Evanston and an MA in Economics from the University of the Philippines.,He obtained his Bachelor of Arts and Bachelor of Science in Commerce from De La Salle University, where he graduated Cum Laude.,Diokno and Medalla join Arsenio Balisacan, the incoming socioeconomic planning secretary, in Marcos’ economic team.