Bunye: BSP’s Guinigundo bids goodbye

FORTY-ONE years after he joined government, Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo bowed out of public service last July 2, having reached mandatory retirement age.

His retirement came a day short of BSP’s own 26th anniversary.

The “passionate presence” of DG Diwa, as he was fondly referred to at the BSP, would sadly be missed.

Having worked with him during my past term as monetary board member (MBM) of BSP, DG Diwa struck me as a great communicator.

He was the go-to official for explanations of the BSP’s policy moves or positions on different economic issues. Gifted with the uncanny ability to simplify and communicate the most technical of economic concepts, he was one of BSP’s most valuable assets in bringing central banking closer to the people.

DG Diwa’s international engagements were, as follows:

In 2001-2003, DG Diwa was alternate executive director in the Philippines’ constituency at the International Monetary Fund in Washington, D.C. Earlier he was head of research at the Seacen (Southeast Asian Central Banks) Centre in Kuala Lumpur in 1992-1994.

Since 2000, DG Diwa had co-chaired with Bank Negara Malaysia the Seacen Experts Group on Capital Flows and in 2010-2013, the Asean Senior Level Committee on Financial Integration. He also chairs the Seacen Task Force on membership.

For the period 2009-2012, he chaired the Executive Meeting of East Asia and the Pacific (Emeap) Monetary and Financial Stability Committee of Emeap central bank deputies that are tasked to conduct regional and global surveillance.

Guinigundo received his AB Economics degree from the University of the Philippines in 1976, cum laude, and earned his MS in Economics from the London School of Economics and Political Science as a Central Bank scholar.

He began his career in public service as senior manpower development officer at the Department of Labor’s National Manpower and Youth Council.

From there, he moved to the Central Bank and has served it ever since.

A research guy, DG Diwa worked the ranks of the research sector up to the managing director level.

He headed BSP’s Department of Economic Research (1994-2000) at an exciting time-when BSP was starting to lay down the ground work for the shift of the monetary policy framework from monetary aggregate targeting to inflation targeting.

Good job, DG Diwa. You have struck a very healthy balance between your oversight of the BSP’s primary responsibility of maintaining price and monetary stability, your ministry of the Gospel and your successful family life.


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