Ex-BDO exec appointed to Monetary Board
MANILA, Philippines — President Ferdinand Marcos Jr. has filled one of the vacant seats of the Bangko Sentral ng Pilipinas’ Monetary Board months after two of its members resigned due following the controversy over ghost employees in the central bank.
The Presidential Communications Office announced late Thursday afternoon that Marcos appointed banker Walter Wassmer to the body responsible for formulating monetary policy.
Wassmer served as a consultant and non-executive director of BDO Unibank Inc. from 2022 to the present before his appointment to the all-powerful central bank board.
He was also the previous senior vice president at Far East Bank and Trust Co. from 1986 to 1997; assistant vice president at Union Bank of the Philippines from 1983 to 1986 and corporate account officer at Bancom Finance Corporation from 1980 to 1982.
On June 4, V. Bruce Tolentino, one of the members of the Monetary Booard resigned amid the ghost employee fiasco.
Days later, Anita Linda Aquino, another board member also submitted her resignation from the post.
Both were appointed as part of the Monetary Board in July 2020. Aquino and Tolentino's terms were set to end in 2026.
With Wassmer’s appointment, one seat remains vacant on the Monetary Board. The other current members are:
- BSP Governor Eli Remolona
- Romeo Bernardo
- Rosalia De Leon
- Finance Secretary Ralph Recto
- Former Finance Secretary Benjamin Diokno
The Monetary Board is responsible for formulating and implementing monetary policy and supervising the country’s financial system.
It recently retained the country’s target reverse repurchase rate at 6.50% in order to further curb supply-side inflation risks.
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