Philippine’s Ralph Recto Joins Central Bank’s Policy-Setting Board

Philippine Finance Secretary Ralph Recto officially assumed his role as a member of the central bank’s policy-setting board on Monday, securing the last seat in the seven-member panel. In this capacity, Recto will serve as the representative of President Ferdinand Marcos Jr.’s cabinet to the Monetary Board of the Bangko Sentral ng Pilipinas.

Taking the oath of office on January 12, Recto, who recently took on the position of finance chief, was sworn in by BSP Governor Eli Remolona. As a key figure in the nation’s economic decision-making, Recto’s inclusion in the Monetary Board holds significance for shaping financial policies.

Currently, the Bangko Sentral ng Pilipinas faces a unique economic landscape, with the central bank’s key interest rate standing at a near 17-year high of 6.5%. This level has been reached after a series of aggressive tightening measures, totalling 450 basis points, implemented since May 2022 – making it the BSP’s most assertive tightening effort in two decades.

Recto joins esteemed company on the rate-setting panel, with members including former National Treasurer Rosalia de Leon and former Finance Secretary Benjamin Diokno. Together, they form a crucial part of the decision-making process that influences the monetary policies driving the Philippine economy.

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