New Monetary Board member to be announced ‘soon’ — BSP chief
MANILA, Philippines — The Philippines is set to introduce a new member to the powerful Monetary Board, so said central bank governor Eli Remolona.
Remolona teased this in an interview with Bloomberg TV on Sunday.
“It’s a little difficult but we’ll learn soon who the members of the board are,” Remolona said.
The Monetary Board is powerful since it exercises the power and function of the Bangko Sentral ng Pilipinas, the Philippines’ chief monetary authority. The board sets borrowing costs, manages the country’s dollar reserves and supervises the country’s financial system, among others.
Remolona sits as the Monetary Board chairman, in his capacity as the central bank governor.
“There are some decisions that require four votes, now we have four members, and for those decisions, it has to be unanimous, and there are some decisions that require five votes,” Remolona said.
“So we hope that decision doesn’t have to be made while there are not enough MB members,” he added.
Finance Secretary Benjamin Diokno, V. Bruce J. Tolentino, and Anita Linda R. Aquino are members of the Monetary Board as well. — Ramon Royandoyan
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