Diokno named world’s best central bank chief for 2022

Benjamin Diokno

Benjamin Diokno, governor of the Bangko Sentral ng Pilipinas (BSP) is the best central banker of 2022 not only in the Asia-Pacific region, but of the world, according to The Banker.

Part of the United Kingdom-based Financial Times group and started in 1926, The Banker is an influential international monthly magazine and online portal that provides economic and financial intelligence for the world’s financial sector.

In it’s Jan. 4 editorial, the magazine said that Diokno has helped to see the Philippines through the COVID-19 pandemic, and pushed ahead with his modernization agenda for the country’s banking system.

The group also noted that Diokno’s goal as BSP chief was to create a strong banking sector that supports individual consumers while moving forward with the digital banking agenda.

“After seeing a 9.6-percent decline in gross domestic product during 2020, the [Philippine] economy has rebounded during 2021, recording a 12-percent increase in the second quarter and a 7.1-percent rise during the third quarter of the past year,” the publication said.

“With inflation having an impact globally, Mr. Diokno has taken the stance of holding interest rates low (2 percent) for as long as possible to maintain stability,” The Banker said. “Believing that the current environment is transitory, he decided to hold on to an accommodative monetary policy to support the economy.”

Further, the magazine also cited Diokno for having been vocal about supporting the transition to a low-carbon society in the Philippines, with the BSP leading an 18-agency technical working group dubbed as the “Green Force.”

Created to ensure the flow of funds into green projects, this group outlined its core principles with the launch of the Philippine Sustainable Finance Roadmap.

“From the central bank’s side, Mr. Diokno has pledged to create a regulatory environment that supports managing environmental risk and financing for sustainable activities,” the publication said.

According to the BSP, Diokno’s recognition as the best central banker in the world by The Banker was a first for the Philippines.