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Diokno goes back to Monetary Board as Recto Assumes Finance chief post

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Diokno confident in new Finance chief Recto: DOF" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2024/news/01/12/20240112-diokno-recto.jpg"/></figure></div><h3> </h3><p>MANILA (<strong>UPDATE</strong>) - Benjamin Diokno will go back to being a member of the Bangko Sentral ng Pilipinas&#x27; Monetary board after turning over the post of Finance Secretary to Ralph Recto, President Ferdinand Marcos Jr said on Friday.</p><p>The Department of Finance earlier issued a statement saying Diokno expressed confidence in Recto. </p><p>“I am pleased to announce that I will be turning over my seat as Finance Secretary to Deputy Speaker Ralph Recto,” Diokno was quoted as saying in the DOF statement. </p><p>During a ceremony in Malacañang, Marcos thanked Diokno for doing a &quot;splendid job&quot; as Secretary of Finance. </p><p>Marcos said Diokno guided the Philippine economy and helped &quot;defuse&quot; what would have been a &quot;perfect storm&quot; of external factors. </p><p>&quot;We shall continue to rely on your expertise and exuberance as a member now of the Monetary Board,&quot; Marcos told officials and journalists gathered at the Palace. </p><p>Diokno was also offered a post in the Maharlika Investment Corp to serve as a liaison between the public and private sectors, Marcos said, confirming earlier rumors about Diokno&#x27;s transfer.</p><p>&quot;But he begged off,&quot; Marcos said, explaining that Diokno thought managing a sovereign wealth fund was not his &quot;specialty.&quot;</p><p>Diokno has yet to issue a statement regarding his appointment to the BSP Monetary Board.<br/> </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/11/24/ralph-recto-to-take-oath-as-new-finance-secretary-palace">Ralph Recto to take oath as new Finance Secretary: Palace</a></li></ul><p><br/>In an earlier statement, Diokno said he was proud of what he had achieved during his stint as the head of the economic team.</p><p>“I am proud knowing that I will be leaving my post at a time when the Philippine economy, in general, and the DOF, in particular, are in a better state of affairs than when I inherited them,” the DOF quoted Diokno as saying.</p><p>National Economic and Development Authority Secretary Arsenio Balisacan thanked Diokno &quot;for his unwavering service as the head of the Economic Team of the Marcos Administration during the past year and a half.&quot;</p><p>Budget Secretary Amenah Pangandaman also thanked Diokno for his service crediting him for the Philippines&#x27; 7.6 percent GDP growth in 2022 while heading the Cabinet&#x27;s Economic Development Group. </p><p>&quot;Sec. Diokno established a very good foundation for our economic transformation so I am confident we can continue this under Sec. Recto, who is a legislator with Executive branch experience and can merge these experiences to pursue our desired reforms,&quot; Pangandaman said.</p><p>The DBM mentioned that Diokno will again become a member of the Bangko Sentral ng Pilipinas&#x27; Monetary Board, which sets the country&#x27;s monetary policy. The Palace however has yet to confirm this. </p><p>Recto is known for pushing several tax reform bills during his stint as a lawmaker both in the House of Representatives and the Senate. </p><p>Diokno meanwhile has served as Budget Secretary and BSP Governor before President Ferdinand Marcos Jr. named him as Finance chief. He was also the one of economic managers who pushed for the creation of the Maharlika Investment Fund.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2903041" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Benjamin Diokno will go back to being a member of the Bangko Sentral ng Pilipinas' Monetary board after turning over the post of Finance Secretary to Ralph Recto, President Ferdinand Marcos Jr said on Friday.