GLOBAL ONE NEWS — Philippine President Rodrigo Duterte has appointed Budget Secretary Benjamin Diokno to be the new governor of the Bangko Sentral ng Pilipinas (BSP).

Diokno assumed the post on Mar. 5, replacing the late BSP Governor Nestor Espenilla Jr., who died recently of tongue cancer.

Diokno served as Duterte’s budget secretary and helped in crafting fiscal policies amid high inflation last year.

He also served in the budget department under the Estrada and Aquino administrations.

Diokno said the BSP would help ensure a “strong, steady” economic growth on the same day it was announced inflation in February cooled to 3.8% — hitting BSP’S target of 2% to 4%.

Local bankers meanwhile welcomed Diokno’s appointment.

The Bankers Association of the Philippines said it is “optimistic that the reformist brand of leadership of the new BSP Governor” will lead to “reforms and policies to strengthen the Philippine banking industry.”