Philippine Finance Chief rules out return as head of central bank

Philippine Finance Secretary Benjamin Diokno ruled out returning to his previous post as central bank head, signaling he would stay on in his current role.

"Many candidates” are being considered as the next Bangko Sentral ng Pilipinas governor, and President Ferdinand Marcos Jr.’s choice will be known in a few days, Diokno said in a briefing Friday. Governor Felipe Medalla, whose term ends in July, can be reappointed to the position, he said.

Diokno said the next BSP governor should ideally be a professional economist with an international stature, and not be a former banker.

"We are looking for the best candidate,” Diokno said. "I think the replacement should be better than the incumbent always.”

The central bank governor and the finance secretary have increasingly crucial roles as the Philippines deals with elevated inflation, higher borrowing costs and mounting debt.

"I’m almost sure that I’m going to stay,” said Diokno, but added the president has the final say on which post he is best suited for.