Medalla open to reappointment as BSP governor after one-year term

Metro Manila (CNN Philippines, June 9) — Bangko Sentral Governor Felipe Medalla’s one-year term as central bank chief expires next month, but he said on Friday that it will be a “blessing” if he is reappointed to a fresh six-year term.

Medalla helmed the monetary authority for a year to serve the unfinished term of then-BSP Governor Benjamin Diokno, who had to leave his post after he was appointed as Finance Secretary.

“From the very beginning, I always behaved as though I will serve for only one year. It will be a blessing if I serve longer than that,” said Medalla, who was appointed to his post in June 2022.

He has also been a member of the policymaking Monetary Board since 2011.

Medalla also served a year of the supposed six-year term of then-BSP Governor Nestor Espenilla, Jr. who succumbed to cancer in 2019.

“From the very beginning, I think that my duty was to do the best job I can do to finish the term that was started by Governor Nesting and then later on served by Governor Diokno,” he said.

The 73-year-old outgoing central bank governor said he will welcome a reappointment.

Under the BSP charter, a central bank governor serves for six years even if his term overlaps with a new presidency.

“The chance to have served for one year is a gift and I’d be too greedy to be asking for more,” he said.

Asked if he was interested in returning to his former post as BSP Governor, Finance Secretary Ben Diokno remained mum on the subject.

"No. That’s not my choice…Where I stay, that is up to the president," Diokno told reporters on Friday.