Gov’t aims to name new BSP chief in four weeks

HONG KONG — The Philippines plans to announce its next central bank governor in three or four weeks’ time, Finance Secretary Carlos G. Dominguez III told Reuters on Wednesday.

Mr. Dominguez, who was visiting Hong Kong to speak at the annual Credit Suisse Asian investment conference, also said the Philippines would issue panda bonds — yuan-denominated debt sold in China by foreign firms or governments — before yearend.

The Southeast Asian economy is among the world’s fastest growing, with gross domestic product expanding by 6.8% in 2016, a three-year high.

‘MOST IMPORTANT APPOINTMENT’

Speculation has been rife at to who will succeed Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. who is due to step down in July, after having completed the maximum allowed two terms.

Names that have been floated include BSP deputy governors Diwa C. Guinigundo and Nestor A. Espenilla, Jr., as well as former trade secretary and monetary board member Peter B. Favila.

“We have already initiated interviews with potential candidates,” Mr. Dominguez said, when asked if the government was making progress in selecting a new governor.

“We are pretty much according to schedule and we should be making an announcement in three or four weeks’ time.”

President Rodrigo R. Duterte will make the appointment.

Mr. Dominguez said he had told Mr. Duterte it was probably his “most important appointment”, and it needed someone who could ensure a strong, healthy banking and financial system.

Speaking about a proposed tax reform package, Mr. Dominguez said he was confident it would be passed this year.

“I’m confident the legislature will see the light. They’ve seen the light. Now we have to overcome their fears,” he said.

The Duterte administration has promised to increase spending on infrastructure, from 5.2% of GDP this year to as much as 7% of GDP, by the end of its six-year term in 2022. —