THE Bangko Sentral ng Pilipinas (BSP) said that being appointed as Finance Secretary does not automatically translate that such a person will sit in the powerful Monetary Board.

According to the list of Monetary Board members presented by the BSP, it appears that the policy-setting body of the central bank is not yet complete.

They are composed of only six members such as BSP Governor Eli Remolona Jr., as chairman; V. Bruce Tolentino, Anita Linda Aquino, Romeo Bernardo, former National Treasurer Rosalia de Leon, and the latest addition former Finance secretary Benjamin Diokno as members.

Asked why the newly appointed Finance Secretary Ralph Recto is not included, BSP Deputy Governor Francisco Dakila Jr. said, “It’s not necessarily [the DOF Secretary], it's not automatic… it depends on the appointment.”

“There were times that the government representative [to the Monetary Board] was NEDA secretary, meron din time na DTI [secretary],” Dakila said.

According to the BSP charter or the New Central Bank Act, it stated that the government sector member of the Monetary Board must also be a member of the Cabinet designated by the President.

But BSP Deputy Governor Eduardo Bobier said that under the BSP charter, it stated that the government representative to the Monetary Board should be a Cabinet secretary.

“For now, there's an appointed secretary of Finance, but personally, I’m  not sure if the secretary of Finance will sit as a member of the Board…,” said Bobier.