DOT chief named BSP deputy governor

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has named outgoing Tourism Secretary Bernadette Romulo-Puyat as its fifth deputy governor, the maximum allowed under its new charter.

Liloan Mayor Christina Garcia Frasco, spokesperson for vice president-elect Sara Duterte-Carpio, will replace Puyat at the Department of Tourism (DOT).

Puyat was appointed to the BSP a few weeks after the central bank launched the search for a new deputy governor.

On May 12, the BSP published the vacancy for a new deputy governor that needs to have a Master’s degree or certificate in leadership in management from the Civil Service Commission, 120 hours of supervisory and management training and learning and development intervention as well as 15 years of relevant experience, including five years supervisory or management experience.

Outgoing BSP Governor and incoming finance secretary Benjamin Diokno said the central bank’s Monetary Board has approved the appointment of Puyat.

“Yes, in last week’s Monetary Board meeting,” Diokno said in a message sent to The STAR.

Unlike the BSP governor and members of the Monetary Board who are appointed by Malacañang, deputy governors and assistant governors are appointed and confirmed by the central bank’s policy-making body.

As an independent body, the central bank enjoys fiscal and administrative autonomy from the national government. To ensure independence, the six-year term of the BSP governor expires a year after the president steps down from office.

Puyat joins BSP Deputy Governor for monetary and economics Francisco Dakila Jr., Deputy Governor for financial supervision Chuchi Fonacier, Deputy Governor for payments and currency management Mamerto Tangonan and Deputy Governor for corporate services Eduardo Bobier.

President Duterte appointed Puyat as DOT secretary in May 2018.

Puyat was a former lecturer at the UP School of Economics from 1994 to 2006. She finished BS Economics cum laude at the University of the Philippines, where she also completed her Master’s degree in economics.

Prior to her stint at the DOT, Puyat served as undersecretary of the Department of Agriculture between January 2007 and May 2018. She also served as economic consultant and deputy Cabinet secretary during the term of former president Gloria Macapagal-Arroyo as well as economic consultant at the Housing and Urban Development Coordinating Council.

BSP Monetary Board member Felipe Medalla has been named as Diokno’s successor, who is serving the unexpired term of the late governor Nestor Espenilla Jr. until July 2023.

BSP Assistant Governor Amenah Pangandaman is set to vacate her post after president-elect Ferdinand Marcos Jr. appointed her as secretary of the Department of Budget and Management.