Finance Secretary Ralph Recto filled the last seat on the seven-member Monetary Board of the Bangko Sentral ng Pilipinas (BSP).
BSP Governor Eli Remolona Jr. swore in Recto Monday to become the Cabinet representative on the policy-making board tasked with shaping the country’s monetary policy.
The Monetary Board exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system.
Its chairman is the BSP Governor, with five full-time members from the private sector and one member from the Cabinet.
Remolona chairs the Monetary Board, with Recto joining members V. Bruce Tolentino, Anita Linda Aquino, Romeo Bernardo, Rosalia de Leon and former finance secretary Benjamin Diokno.
Recto’s addition to the board is seen as a move to strengthen the government’s economic team and ensure coherence in policy decisions.
The MB earlier kept the overnight borrowing rate unchanged at 6.50 percent and the overnight deposit and lending facilities at 6.0 percent and 7.0 percent in its final meeting in 2023.
Prior to his appointment to the DOF and the MB, Recto served as deputy speaker of the House of Representatives in the 19th Congress, representing the 6th District of Batangas.
His extensive political career includes three terms in the Senate (from 2001 to 2007 and from 2010 to 2022), where he held key positions such as Senate President Pro Tempore (16th to 18th Congress) and Senate Minority Leader (17th Congress). He started his political career as the Representative of the 4th District of Batangas from 1992 to 2001. Darwin G. Amojelar
He also served as a member of the economic team as Socioeconomic Planning Secretary of the National Economic and Development Authority (NEDA) in 2008.
As a seasoned legislator, he pursued numerous tax measures and economic reforms meant to address the cost of living, generate meaningful employment and expand the country’s fiscal space.
Among the major laws he principally authored/sponsored were the Tax Reform for Acceleration and Inclusion (TRAIN) Act; the Universal Healthcare Act; the Rice Tariffication Act; the Ease of Doing Business and Efficient Government Service Delivery Act of 2018; the General Tax Amnesty; the Rationalization of Excise Tax on Automobiles; and the Social Reform and Poverty Alleviation Act.
He also co-authored the Bayanihan to Recover as One Act and the Bayanihan to Heal as One Act and initiated budget priorities that were necessary not only to stem the spread of the virus but also to speed up economic recovery.
He also supported initiatives intended to soften the impact of an economic downturn, such as the Financial Institutions Strategic Transfer (FIST) Act and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.