THE Bankers Association of the Philippines (BAP) welcomes the nomination of Bangko Sentral ng Pilipinas Gov. Benjamin Diokno as Secretary of the Department of Finance and seasoned BSP Monetary Board Member Felipe Medalla as the new governor of the central bank.

“Diokno and Medalla are notable economists who have the scholastic distinction and extensive experience that transcend different administrations, making them the best candidates for these roles,” said BAP president Antonio Moncupa Jr.

BAP said their experiences as economic managers in past administrations are valuable assets as the Philippines makes its way towards economic and post-pandemic recovery.

“We are confident that under their stewardship, the country will be able to successfully navigate the various fiscal and economic challenges incumbent upon us,” Moncupa added.

The BAP will continue to work with the DOF and BSP in pursuing initiatives that support fiscal stability and strength, and policies that will promote socio-economic development for the Filipino people.

Moreover, the Philippine Chamber of Commerce and Industry (PCCI) also lauded the appointment of the economic team under President-elect Ferdinand “Bongbong” Marcos Jr.’s administration.

The chamber said the team will be taking a critical job for the next several years as the government faces fiscal woes brought by the Covid-19 pandemic and other economic issues.

PCCI president George Barcelon said the business community is delighted to learn about the appointment of Diokno as Secretary of Finance, BSP Monetary Board member Felipe Medalla as BSP chief, Arsenio Balisacan as Secretary of the National Economic and Development Authority and former University of the Philippines president Alfredo Pascual to lead the trade and industry department.

“They are all seasoned and competent economic leaders. We believe they would do good in managing our fiscal affairs. As you know, we are faced with critical issues such as the huge debt deficit, and the need for post-pandemic reforms and programs to sustain recovery, among others,” Barcelon said.

The PCCI head is optimistic that their appointment would bring confidence to local and foreign businesses.

“We are fortunate that we have a strong foundation and we remain among one of Asia’s fastest-growing economies. There remain some policy issues that needed to be addressed to accelerate our growth momentum,” Barcelon added.