Benjamin Diokno next Finance Secretary, Felipe Medalla new BSP Gov: Bongbong Marcos recycles ageing Estrada Cabinet members as core of his economic team

President-elect Bongbong Marcos’ economic team will be anchored on well-respected economists from the University of the Philippines (UP).
A Babbler said Marcos has finally convinced Bangko Sentral ng Pilipinas Governor Ben Diokno to lead the Department of Finance under his administration. Diokno’s term as Governor will end in June 2023.
The Babbler said Marcos has also agreed to Diokno’s recommendation to appoint Monetary Board member Felipe M. Medalla as BSP Governor.
Both Diokno and Medalla are former members of the Estrada Cabinet.
The 74-year old Diokno served as Budget Secretary from 1998 to 2001 (he was appointed to the same post by President Rodrigo Duterte from 2016 to 2019 before he moved to the BSP).
The 72-year old Medalla also served as director-general of the National Economic and Development Authority from 1998 to 2001. Medalla has been on the MB board since 2011.
Both Diokno and Medalla are UP economists just like Arsenio Balisacan who is returning as Socio-Economic Planning Secretary in the coming Marcos administration.
Balisacan was NEDA chief under the PNoy administration.
Babbler said the appointment of Diokno would ensure continuity in economic policy during the change in administration.
Babbler noted Diokno was endorsed to the BSP post in 2019 by Finance Secretary Sonny Dominguez.