Benjamin E. Diokno, Ph.D., Governor, Bangko Sentral ng Pilipinas

Dr. Diokno is the current Governor of the Bangko Sentral ng Pilipinas (BSP). Prior to his appointment, he served as Budget Secretary from 2016 to 2019 marking his third tour of duty at the Department of Budget and Management. As Budget Secretary, he pursued an expansionary fiscal policy to finance investments in human capital development and public infrastructure. Under his leadership, the BSP was among the first central banks in the world to respond to the COVID-19 crisis. The prompt and extraordinary monetary measures provided a significant cushion to the current state of the Philippine economy. Against this backdrop, “The Banker”—an influential international publication owned by the Financial Times—named him “Global Central Bank Governor of the Year 2022.” Governor Diokno’s recognition as the best central banker in the world is the first for the Philippines.

As BSP Governor, besides pursuing the BSP mandates of price stability, financial stability, and efficient payments and settlements system, he also endeavors to bring central banking closer to the Filipino people. He is a champion of digital payments and financial inclusion. In this pursuit, he aims to shift at least 50% of retail payment transactions to digital form and achieve 70% transaction account ownership among adult Filipinos by the end of his term in 2023. He is also a strong advocate of the Philippine ID System.

His policy expertise and research contribution extend to various areas of public economics, such as the structure and scope of government, tax policies and reforms, public expenditure management analysis, fiscal decentralization, national budget, and public debt, among other topics. He has extensive experience in implementing reforms in the public sector, having also served as Budget Undersecretary from 1986 to 1991 and Budget Secretary from 1998 to 2001.

He is Professor Emeritus of the University of the Philippines-Diliman. Over more than 40 years, he taught the following courses: Public Sector Economics, Microeconomics, Macroeconomics, Development Economics, and Special Topics (e.g., Public Enterprises Investment and Pricing Policies; Public Sector Reforms; Local Government Finance, etc.). He was also Chairman of the Board of Trustees of the Pamantasan ng Lungsod ng Maynila (City University of Manila). He served as Fiscal Adviser to the Philippine Senate. He also served as Chairman and CEO of the Philippine National Oil Company and Chairman of the Local Water Utilities Administration.

Some of the major policy reform contributions of Dr. Diokno include: providing technical assistance to the 1986 Tax Reform Program to simplify the income tax system and introduce the value-added tax, helping design the 1991 Local Government Code of the Philippines, initiating a What-You-See-Is-What-You-Get policy to streamline the release of funds, and sponsoring the internationally lauded Government Procurement Reform Act to modernize, regulate, and standardize government procurement activities in the Philippines.

He served as an adviser and consultant to various multilateral agencies like the World Bank, Asian Development Bank, European Commission, and USAID for work in the Philippines, China, and transitioning economies like Vietnam, Cambodia, and Mongolia. He has also participated in numerous international conferences hosted by the IMF, ADB, World Bank, APEC, and UN, among other international organizations. He authored numerous publications and discussion papers regarding his research interests that have been published in academic journals and policy reports.

He finished his Bachelor’s Degree in Public Administration (1968) and his Master’s Degree in Public Administration (1970) and Economics (1974) at the University of the Philippines. He also holds an M.A. in Political Economy (1976) from the Johns Hopkins University in Baltimore, Maryland, USA and a Ph.D. in Economics (1981) degree from the Maxwell School of Citizenship and Public Affairs, Syracuse University in Syracuse, New York, USA. In 2017, he received an honorary Doctor of Laws degree from the University of the Philippines—the highest academic rank and honor conferred by the University.