Nat’l Treasurer Rosalia de Leon named as new Monetary Board member

National Treasurer Rosalia de Leon has been appointed as one of the members of the policy-setting Monetary Board of the Bangko Sentral ng Pilipinas (BSP).

On Saturday, Malacañang announced the appointment of de Leon, along with Romeo Bernardo as new members of the powerful Monetary Board.

The Monetary Board, the governing body of the central bank, exercises the powers and functions of the BSP such as the conduct of monetary policy and supervision of the financial system.

The board is chaired by the BSP Governor Eli Remolona Jr.

Following her appointment to the Monetary Board, de Leon told GMA News Online that she has “to resign as TOP (Treasurer of the Philippines).”

The New Central Bank Act prohibits members of the policy-setting body from holding certain positions with other governmental agencies and private institutions that may give rise to conflicts of interest.

The said law also states one of the government sector members of the Monetary Board must also be a member of the Cabinet designated by the President, in this case Finance Secretary Benjamin Diokno —the Marcos administration’s chief economic manager.

De Leon’s tenure as National Treasurer has spanned three presidencies.

She has played a critical role in developing effective borrowing strategies and implementing credit enhancements to ensure access to the most cost-effective financing options.

She also handled the formulation of adequate operations guidelines for the Philippines’ fiscal and financial policies.

"I am profoundly honored to be entrusted with this prestigious role as a Monetary Board member of the Bangko Sentral ng Pilipinas (BSP),” said de Leon in a statement.

"I recognize the significant impact my decisions in this role can have on the lives of our fellow Filipinos. I am committed to working towards financial stability, fostering growth, and contributing to the overall well-being of our nation,” she added.

In her new role, the outgoing TOP will contribute her expertise in shaping monetary policies, managing foreign reserves, and ensuring the stability of the country’s banking system.

De Leon had also served at the Department of Finance (DOF) in various roles, including Director and Undersecretary for the International Finance Group (IFG), as well as Chief-of-Staff.

As the Undersecretary for the IFG, she oversaw various significant transactions, including the issuance of Global Peso Notes and several Liability Management Exercises.

These exercises effectively reduced the Philippine government’s funding costs, extended maturity profiles, and converted foreign exchange liabilities into local currency.

She also held the role of Alternate Executive Director at the World Bank Group in Washington D.C., representing Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, the Philippines, Suriname, and Trinidad and Tobago.

In addition, De Leon held the position of Advisor to the Executive Director of the Asian Development Bank (ADB).

De Leon obtained her Master of Arts in Development Economics from Williams College in Massachusetts, United States of America. —VAL, GMA Integrated News