BSP’s Monetary Board now complete
PRESIDENT Rodrigo R. Duterte has appointed rice expert V. Bruce J. Tolentino as a member of the central bank’s Monetary Board, filling the seat in the policy-making body that was left vacant by Valentin A. Araneta who passed away on Feb. 21.
A June 6 appointment paper which Malacañan Palace released to reporters on Thursday said Mr. Tolentino will serve the remaining period of Mr. Tolentino’s six-year term, ending July 21, 2020.
The Web site of Los Baños-based International Rice Research Institute (IRRI) said Mr. Tolentino has been its deputy director general for Communication and Partnerships since 2012, returning to IRRI after an earlier stint as research associate in IRRI’s Social Science Division in 1980-81. In the latest capacity, he has been involved in fund-raising, communication and partnerships with donors, international and regional organizations, as well as national governments, including agriculture-related ministries and agencies. With a Ph.D. in Economics from the University of Hawaii and the East West Center, and a Master’s degree in Economics from Xavier University in Cagayan de Oro, Northern Mindanao, he had also served as undersecretary at the Agriculture department between 1986 to 1993 and has worked besides on projects with nongovernment organizations and state agencies in Asia, Africa and Central America, IRRI added.
Led by Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr., the seven-member Monetary
Board now also counts as members Finance Secretary Carlos G. Dominguez III, as well as Antonio S. Abacan, Jr.; Peter B. Favila; Felipe M. Medalla and Juan D. De Zuñiga, Jr.
Mr. Tolentino takes office at a time the BSP has embarked on policy normalization, raising benchmark interest rates by 25 basis points last May 10 — the first time monetary authorities tightened their stance in nearly four years — amid tightening global financial conditions, quickening inflation due to elevated global oil prices and higher excise taxes at home, efforts to further fortify banks’ governance as well as challenges posed by technologies such as increased use of crowdfunding and cryptocurrencies.
His appointment also comes at a time the government plans to shift to a conventional tariff system for rice from the current import quota scheme, in a bid to slash retail prices of the staple by up to P7 per kilogram and 2018 inflation — targeted at 2-4% but currently forecasted to miss that goal at 4.6% — by about 0.4 of a percentage point.
The BSP has a seat in the policymaking council of the National Food Authority, which regulates the country’s grains trading.