(Eagle News) — The Department of Budget and Management on Tuesday, March 5, expressed confidence the Bangko Sentral ng Pilipinas and the Philippine economy in general were “in good hands” with Benjamin Diokno at the helm of the BSP and the Monetary Board.
In a statement, the DBM said “Secretary Ben, a lifelong public servant and economics professor,” after all, “embodies the decisive leadership, professional experience, and technical competence needed in a central bank governor.”
According to the DBM, in his most recent stint as Budget secretary, Diokno “pursued an expansionary fiscal policy to invest heavily on public infrastructure and human capital development.”
“For the first time in history, the government disbursed more than 5 percent of the country’s gross domestic product (GDP) on public infrastructure—a testament to his firm resolve and expertise,” the DBM said.
According to the DBM, Diokno also eliminated 12 years of underspending, which was as high as 13.3 percent and 12.8 percent in 2014 and 2015, respectively.
The agency said underspending in 2016 and 2017 went down to “just” 3.6 percent and 2.9 percent in 2016 and 2017, respectively under Diokno.
The DBM said the Philippines also ranked 1st in Asia and 17th in the world in the 2017 Open Budget Survey under Diokno’s watch.
The agency also noted the executive department always submitted the proposed national budget 30 days earlier than the deadline, on the day of the President’s State of the Nation Address, with Diokno at the helm of the DBM.
Diokno also espoused the shift towards cash-based budgeting to ensure the prompt delivery of public services and completion of projects, the DBM said.
“Secretary Diokno believes in bringing the government closer to its people and enabling all Filipinos to reap the benefits of economic growth. We share his vision and goal of a ‘safer, more equal, more dynamic, and more prosperous Philippines’,” the DBM added, as it thanked the new BSP governor for his meaningful service” at the agency.