Favila returns as member of BSP’s Monetary Board

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Former trade secretary Peter Favila will return as a member of the Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas.

President Rodrigo Duterte also named Metropolitan Bank & Trust Co. vice chairman Antonio Abacan Jr. as a member of the seven-man body which is responsible for setting the policy interest rates of Bangko Sentral.

Peter Favila

Abacan and Favila will replace Armando Suratos and former Development Bank of the Philippines chairman Alfredo Antonio who are scheduled to step down this year.

Duterte retained former National Economic and Development Authority director-general Felipe Medalla in the board.

Medalla, Favila and Abacan will serve a fixed term of six years each as provided under the New Central Bank Act.

The newly-announced appointments complete the membership of the board, which also includes Finance Secretary Carlos Dominguez, Juan De Zuniga Jr., Valentin Araneta and incoming BSP governor and MB chairman Nestor Espenilla.

Favila returns to MB three years after serving in the board from 2008 to 2014. He served as trade secretary from 2005 to 2010, president of the Allied Banking Corp. and Philippine National Bank. He was also a former chairman and president of the Philippine Stock Exchange.

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