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(Bloomberg) — Philippines central bank Governor Benjamin Diokno was Thursday named the nation’s finance secretary by President-elect Ferdinand “Bongbong” Marcos Jr.

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Diokno, whose term at Bangko Sentral ng Pilipinas is set to stop mid-next year, will triumph Carlos Dominguez in the major finance publish, Marcos said in a televised briefing on Thursday, confirming an earlier Bloomberg report of the central banker’s shift.

BSP monetary board member Felipe Medalla will provide as the head of the financial authority for the remainder of Diokno’s time period, Marcos explained.

“I am grateful and humbled by the have confidence in offered to me by the President-elect to enable his administration control the country’s fiscal affairs,” Diokno claimed in a statement, though stressing on coverage continuity.

The benchmark inventory index was up .1% as of 10:59 a.m. neighborhood time, when the peso fell .1% to 52.38 for each greenback, tracking regional peers reduce.

“The two officers are perfectly revered in the regional and intercontinental organization and investment decision local community,” claimed Michael Ricafort, main economist at Rizal Industrial Banking Corp. in Manila. “These factors unquestionably offer a extra conducive ecosystem for business enterprise and investments.”

Diokno, 74, is no stranger to the govt himself, getting served as the spending budget minister under two presidents in advance of going to the central bank in 2019.

An advocate of what he phone calls “whole-of-authorities approach” to address financial headwinds, Diokno steered the Philippine financial plan as a result of the pandemic-induced crisis. In his new part, he will be envisioned to go on doing the job toward sustaining the advancement momentum though tailoring fiscal policy to hold inflation in verify.

Read: Mountain of Philippine Financial Difficulties Awaits Marcos Workforce

The central bank last week finished its lengthy pause on desire premiums, joining a international tightening cycle to fight value pressures fanned by the war in Europe and offer strains induced by virus lockdowns in China. Inflation is viewed overshooting the central bank’s 2%-4% concentrate on band this yr, although economic progress is observed on keep track of to realize the revised 7%-8% official estimate from the 5.7% expansion previous 12 months.

Below Diokno, BSP also extended liquidity aid to the government, which this month repaid the quantity in entire. He will now require to concentration on paring governing administration debt that swelled throughout the pandemic, when funding Marcos’s promise of a creating growth.

Marcos, who will get office environment on June 30, is poised to inherit an financial system that’s growing at one particular of the quickest fees in Asia as it recovers from a document contraction in 2020.

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