Governor of the Bangko Sentral ng Pilipinas

The Governor of the Bangko Sentral ng Pilipinas (Filipino: Tagapangasiwa ng Bangko Sentral ng Pilipinas) is the chief executive officer of Bangko Sentral ng Pilipinas, the Philippines' central bank. This position succeeds and replaces the earlier post of Governor of the Central Bank of the Philippines.

Governor of the
Bangko Sentral ng Pilipinas
Tagapangasiwa ng
Bangko Sentral ng Pilipinas
Official seal of the Bangko Sentral ng Pilipinas
Incumbent
Benjamin Diokno

since March 4, 2019
Member ofThe Monetary Board
Anti-Money Laundering Council
SeatBSP Complex, Roxas Boulevard, Manila, Philippines
AppointerThe President with the consent of the Commission on Appointments
Term lengthSix years
renewable once
Constituting instrumentThe BSP Charter
The New Central Bank Act (RA11211 )
Inaugural holderMiguel Cuaderno Sr.
(as Governor of the Central Bank)
Gabriel Singson
(as Governor of the Bangko Sentral)
FormationJanuary 3, 1949 (Central Bank)
July 3, 1993 (Bangko Sentral)
Websitebsp.gov.ph

On March 4, 2019, President Rodrigo Duterte appointed Secretary of Budget and Management Benjamin Diokno as the fifth Governor of the Bangko Sentral ng Pilipinas. He will serve the unexpired term of his predecessor, Nestor Espenilla Jr., which will end in July 2023.[1]

Roles with other agencies

He also serves as the chairman and principal representative of the Monetary Board; chairman of Anti-Money Laundering Council and Philippine International Convention Center; vice-chairman of the Governing Council of Agriculture Credit Policy Council; member of the Capital Market Development Council, Export Development Council, PhilExport board of trustees, and Philippine Export-Import Credit Agency; and director of Philippine Deposit Insurance Corporation, National Development Council, and National Home Mortgage Finance Corporation.[2]

Powers and duties

His powers and duties as the chief executive officer of the Bangko Sentral shall be to:

  1. Prepare the agenda for the meetings of the Monetary Board and to submit for the consideration of the Board the policies and measures that he believes to be necessary to carry out the purposes and provisions of said Act;
  2. Execute and administer the policies and measures approved by the Monetary Board;
  3. Direct and supervise the operations and internal administration of the Bangko Sentral. The Governor may delegate certain of his administrative responsibilities to other officers or may assign specific tasks or responsibilities to any full-time member of the Monetary Board without additional remuneration or allowance whenever he may deem fit or subject to such rules and regulations as the Monetary Board may prescribe;
  4. Appoint and fix the remunerations and other emoluments of personnel below the rank of a department head in accordance with the position and compensation plans approved by the Monetary Board, as well as to impose disciplinary measures upon personnel of the Bangko Sentral, subject to the provisions of Section 15(c) of said Act: Provided, That removal of personnel shall be with the approval of the Monetary Board;
  5. Render opinions, decisions, or rulings, which shall be final and executory until reversed or modified by the Monetary Board, on matters regarding application or enforcement of laws pertaining to institutions supervised by the Bangko Sentral and laws pertaining to quasi-banks, as well as regulations, policies or instructions issued by the Monetary Board, and the implementation thereof; and
  6. Exercise such other powers as may be vested in him by the Monetary Board.

In capacity as the principal representative of Bangko Sentral and the Monetary Board and in accordance with the instructions of the Monetary Board, he shall be empowered to:

  1. Represent the Monetary Board and the Bangko Sentral in all dealings with other offices, agencies and instrumentalities of the Government, and all other persons or entities, public or private, whether domestic, foreign or international;
  2. Sign contracts entered into by the Bangko Sentral, notes and securities issued by the Bangko Sentral, all reports, balance sheets, profit and loss statements, correspondence, and other documents of the Bangko Sentral;
  3. Represent the Bangko Sentral, either personally or through counsel, including private counsel, as may be authorized by the Monetary Board, in any legal proceedings, action or specialized legal studies; and
  4. Delegate his power to represent the Bangko Sentral, to other officers upon his own responsibility: Provided, however, That in order to preserve the integrity and the prestige of his office, the Governor of the Bangko Sentral may choose not to participate in preliminary discussions with any multilateral banking or financial institution on any negotiations for the Government within or outside the Philippines. During the negotiations, he may instead be represented by a permanent negotiator.[2]

List of Governors of Bangko Sentral

Governors of the Central Bank[3]
Name Tenure Appointing president
From Until
Miguel Cuaderno Sr.January 3, 1949December 31, 1960 Elpidio Quirino
Ramon Magsaysay
Andres CastilloJanuary 6, 1961December 31, 1967 Carlos P. Garcia
Alfonso CalalangJanuary 1, 1968January 9, 1970 Ferdinand Marcos
Gregorio LicarosJanuary 10, 1970January 15, 1981
Jaime C. LayaJanuary 16, 1981January 18, 1984
Jose B. Fernandez Jr.January 19, 1984February 19, 1990
Jose L. Cuisia Jr.February 20, 1990July 2, 1993 Corazon Aquino
Governors of the Bangko Sentral
Name Tenure Appointing president
From Until
Gabriel SingsonJuly 6, 1993July 5, 1999 Fidel Ramos
Rafael BuenaventuraJuly 6, 1999July 3, 2005 Joseph Estrada
Amando Tetangco Jr.July 4, 2005July 3, 2017 Gloria Macapagal Arroyo
Benigno Aquino III
Nestor Espenilla Jr.July 3, 2017February 23, 2019 Rodrigo Duterte
Benjamin DioknoMarch 4, 2019Incumbent

References

  1. Alegado, Siegfrid (March 4, 2019). "Philippines Names Diokno as Central Bank Chief in Surprise Move". www.bloomberg.com. Retrieved 2019-03-05.
  2. "Bangko Sentral ng Pilipinas - About the Bank - Governance". Bangko Sentral ng Pilipinas. Retrieved December 26, 2016. This article incorporates text from this source, which is in the public domain.
  3. "Bangko Sentral Governors". Bangko Sentral ng Pilipinas. Retrieved December 26, 2016.
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