Kudos to the world’s best central banker
The Banker, an international monthly banking, finance, and business magazine owned by the Financial Times, recently named Bangko Sentral ng Pilipinas Governor Benjamin Diokno as “Global Central Banker of the Year 2022” in recognition of his efforts to help stimulate economic recovery and growth for the Philippines amid the Covid-19 crisis. The BSP governor’s recognition as the best central banker in the world is the first for the Philippines.
The Banker’s awards honor officials who managed to stimulate growth and stabilize their economies. Diokno was chosen as the “Asia-pacific Central Banker of the Year,” which means he was selected as the best central banker from the region. Afterward, he was selected as the “Global Central Banker of the Year,” beating fellow central bankers who won from their respective regions. They include Central Reserve Bank of Peru Chairman Julio Velarde for the Americas, Banque de France Governor Francois Villeroy de Galhau for Europe, Central Bank of Bahrain Governor Rasheed M. Al-maraj for the Middle East, and Bank of Tanzania Governor Florens Luoga for Africa.
“I am truly honored to be named The Banker’s Global Central Banker of the Year. This award recognizes the effort we at the BSP have put forth over this past year—amid extraordinary challenges,” Diokno said. “While the entire world has been affected by the pandemic, the BSP has implemented policy responses to enable the Philippines to adapt to new ways of working, doing business, and living. Looking ahead, alongside my colleagues at the BSP, I will continue to work toward a stronger, more technologically savvy, more inclusive, and more sustainable Philippine economy.”
In a statement following the announcement, the Bankers Association of the Philippines (BAP) congratulated Diokno for a well-deserved recognition. “Governor Diokno’s steadfast leadership motivated the banking industry to revolutionize its services, systems and operations to better serve the banking public in the midst of the global pandemic. Through his thoughtful foresight, the banking sector was able to successfully navigate and surpass the adverse impact of the crisis, allowing the country to achieve positive growth in 2021 despite the continuing threat of the Covid-19 health crisis,” the BAP said.
“The BAP is strongly encouraged by the BSP governor’s openness and guidance as the industry jointly pursues various initiatives that promote inclusive and sustainable development. We are confident that the Bangko Sentral will continue to develop policies that will lead to a stronger and long-term economic recovery for the Philippines,” it added.
Throughout 2021 the BSP held a steadfast approach to monetary policy, which included measures to ensure ample liquidity in the financial system, support orderly functioning of the financial market, and boost market confidence. By the end of the year, the Philippines was well into the recovery process, aided by Covid-response measures from both the fiscal and monetary sides. Diokno said the BSP is committed to achieving its core goals of price and financial stability that strengthen the foundations for job creation and economic growth.
With the commitment of the world’s best central banker to maintain a strict focus on financial stability and economic resilience, and to continue crafting policies that will lead to a stronger and long-term economic recovery for the Philippines, the Filipino people are assured of opportunities for inclusive growth as we navigate the post-pandemic road to economic growth and prosperity.