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Exactly 10 days from now, the country’s over 69 million registered voters will head to the polls, a move that could reshape the composition of our lawmakers in both chambers, as well as local leadership.
Changes are also brewing at the Bangko Sentral ng Pilipinas (BSP) following the May 12 midterm election.
Did you happen to notice that Francis Dakila, the BSP deputy governor (DG) for the monetary and economic sector, was conspicuously absent during the monetary policy press briefing last April 3? In his place was Assistant Governor (AG) for the monetary sub-sector Zeno Abenoja.
Well, Virginia, your instincts are right; that's one of the shifts I'm referring to. DG Francis went on terminal leave for two weeks before reaching the mandatory retirement age of 65 last April 10.
And from this point forward, AG Zeno is the officer-in-charge (OIC) of the monetary and economic sector.
The Civil Service Commission (CSC) regulations prohibit the transfer of government personnel from Jan. 12 to June 11, 2025, without prior Commission on Elections (Comelec) approval. These regulations also cover promotions, hiring, and increases in employees’ salaries and privileges from March 28 to May 11, 2025.
Heard along the BSP alleys is that the Monetary Board (MB), the BSP's policy-making body, has already given its nod to AG Zeno's appointment—including his promotion to DG. However, his official assumption and the announcement will have to wait until May 12, in adherence to civil service election guidelines.
For a while, a rumor circulated within the BSP corridors that an "outsider" was being considered to fill DG Francis's position. This rumor, Virginia, was indeed true.
My sources indicate that Abdul Abiad, director of the macroeconomic research division at the Asian Development Bank (ADB), where he oversees the Manila-based lender's flagship publication, the Asian Development Outlook (ADO), was practically a done deal.
However, a highly reliable but discreet source informed me that Mr. Abdul ultimately had a change of heart due to the salary scale and the perks and privileges associated with the position. While the BSP is exempt from the Salary Standardization Law (SSL), its compensation level doesn't yet match that of multilateral agencies like the ADB.
For one, the ADB’s compensation is denominated in United States (US) dollars. Second, and more significantly, at Mr. Abdul’s level, the ADB subsidizes the education of his children.
Consequently, the negotiation for him to join the BSP fell through.
The next question is: who will take over AG Zeno’s former role as head of the monetary policy sub-sector, a position he assumed following the retirement of Senior AG Iluminada “Lou” Sicat last year? Based on the principle of succession, my guess is it will be Managing Director (MD) Dennis Lapid.
Speaking of deferments, a top-notch source revealed that Roberto Figueroa, senior vice president and general counsel of HSBC, has postponed his move to the BSP as chief legal counsel—a position previously held by Atty. Elmore O. Capule.
The MB, in October of last year, reversed Atty. Elmore's early retirement and instead appointed him as DG for the corporate services sector following the retirement of Eduardo G. Bobier.
Initially, it was mentioned that Mr. Roberto would be joining the BSP sometime in April. “He has yet to comply with the 90-day notice required by HSBC,” my discreet source explained.
Furthermore, my well-placed sources in the banking community suggest that he's waiting for the first-quarter profit sharing, which I imagine would be a substantial amount. In the interim, Deputy General Counsel and Senior Director Asma Panda is the OIC.
As the saying goes, patience is key here. Until the midterm election concludes, these changes and movements at the BSP remain on hold.
Feel free to share your thoughts with me at [email protected].
