Finance Secretary Ralph G. Recto to Join the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board
The Department of Finance (DOF) chief, Ralph G. Recto, is set to become the newest member of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board (MB).
Following his recent appointment as head of the DOF, sources have confirmed that Recto will be sworn in as a member of MB at 1:00 PM on Monday, January 22, before BSP Governor Eli M. Remolona.
Recto’s addition will complete the seven-member Monetary Board, which is responsible for shaping the country’s monetary policies.
His appointment comes at a crucial time as the BSP maintains a tight monetary policy stance in response to inflation concerns, despite a moderation in consumer price growth. In 2023, the average inflation rate remained at 6.0 percent, significantly exceeding the central bank’s target range of two percent to four percent.
In addition to Remolona serving as chairman, Recto will join other MB members, including V. Bruce Tolentino, Anita Linda Aquino, Romeo Bernardo, Rosalia de Leon, and his predecessor at the DOF, Benjamin Diokno.
The Monetary Board holds significant power as it is responsible for making decisions about how the BSP operates and supervising the financial system. Its main function is to ensure that prices remain stable by targeting inflation and taking actions related to monetary policy.
