Marcos appoints top banker as MB

PRESIDENT Ferdinand R. Marcos, Jr. has appointed banker Walter C. Wassmer to the rate-setting body of the Bangko Sentral ng Pilipinas (BSP), according to a Palace statement.

Prior to his appointment, Mr. Wassmer was an advisor and non-executive director of Sy-led BDO Unibank, Inc., the country’s largest bank in terms of assets.

The announcement comes weeks after the resignation of two members of the Monetary Board (MB) who were embroiled in a scandal involving ‘ghost employees’.

Previously, a Bloomberg report stated that Malacañang had accepted the resignations of MB members Anita Linda R. Aquino and V. Bruce J. Tolentino, effective June 30.

When asked whether Mr. Marcos has found a replacement for the remaining MB vacancy, Presidential Communications O respondedffIce Secretary Cheloy Velicaria-Garafil said in a Viber message: “None for now.”

Mr. Wassmer and the other appointees will complete the unexpired terms of Ms. Aquino and Mr. Tolentino or until July 2026.

Mr. Wassmer is an experienced banker and has held positions at BDO, Far East Bank and Trust Co. and Union Bank of the Philippines, Inc. (Union Bank). As of November 2022, he also served as a senior management advisor at Lopez-led First Philippine Holdings Corp.

Mr. Wassmer served as senior executive vice president and head of the institutional banking group at BDO from 1997 to 2022. He was chairman and chief executive officer of BDO Elite Savings Bank, Inc.

He also served as senior vice president of Far East Bank from 1986 to 1997; assistant vice president of UnionBank from 1983 to 1986; and corporate account officer of the Bancom Finance Corp. from 1980 to 1982.

He also held directorships in several companies, including BDO Finance Corp., MMPC Auto Financial Services Corp. and Mabuhay Vinyl Corp.

Mr. Wassmer earned a Bachelor of Science degree in Commerce from De La Salle University.

The Monetary Board exercises the powers and functions of the BSP, including the conduct of monetary policy. It consists of seven members, including BSP Governor Eli M. Remolona, ​​Jr.

The other members of the Board of Directors are Finance Secretary Ralph G. Recto, former BSP Governor and Finance Secretary Benjamin E. Diokno, former Finance Undersecretary Romeo L. Bernardo and former National Treasurer Rosalia V. de Leon.

The next meeting of the Monetary Board is scheduled for August 15.

Mr Remolona has said the BSP is still “on track towards a rate cut” despite the risks to the economyFprospects. He previously said the central bank could cut rates by 25 basis points (bps) in the third quarter and another 25 basis points in the fourth quarter. — Kyle Aristophere T. Atienza