By Chino S. Leyco

The search for the next Bangko Sentral ng Pilipinas (BSP) governor, who is also the chairman of the Monetary Board, will undergo a “real good process” to ensure smooth transition in one of the most important institutions in the country, the Duterte administration’s chief economic manager said.

In a press conference after inducting into office the new directors and officers of the Economic Journalists Association of the Philippines (EJAP), Finance Secretary Carlos G. Dominguez III, who heads the administration’s economic team, said the President will personally interview each potential candidate and their qualifications will be evaluated, saying the choice of the new BSP governor and chairman of the Monetary Board will be one of the most important, if not the most important, appointments that President Duterte will make.

The next governor will replace Armando M. Tetangco on July 2 when he completes his second six-year term.

The finance chief likewise noted that President Duterte also needs to appoint three other members of the BSP’s policy-making Monetary Board. The MB members who are ending their term in July are: Felipe Medalla, Armando Suratos and Alfredo Antonio.

“I think that there should be a process to arrive at a wise decision because we are not replacing one person, we are replacing actually four. Four positions in the central bank,” Dominguez said.

“We want a serious process. We think that it is fair for the Filipino people and it is fair to candidates that each one gets a proper hearing, and gets a real appreciation for what the job is,” he added.

Dominguez made the pronouncements in the presence of three potential candidates for the highest central bank post, including BSP Deputy Governors Diwa C. Guinigundo and Nestor A. Espenilla Jr. and EastWest Bank President and CEO Antonio C. Moncupa Jr.

According to Dominguez, he started his own personal search for the new central bank chief after incumbent BSP Governor Amando M. Tetangco Jr., 64, begged off from any further term extension due to health reasons.

“The central bank is a very important institution in this country. We owe it orderly transition in this very important institution,” Dominguez said, while assuring that Duterte will name the new BSP governor before July 2.

The other personalities who are reported to be being considered for the top BSP position included former Trade and Industry chief and Monetary Board member Peter V. Favila and Foreign Affairs Secretary Perfecto R. Yasay Jr.

In December last year, Dominguez conveyed his preference for the reappoint of Tetangco, saying he was most qualified among the candidates vying for job of leading the country’s monetary authorities. But a third term for Tetangco requires and amendment to the BSP charter which requires that BSP governor may only be reappointed for a second six-year term.

But at present, the reappointment is unlikely to happen as the Congress has not yet amended the New Central Bank Act that will allow the third term of a BSP governor.