BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin Diokno will serve as co-chair of the Regional Consultative Group for Asia of the Financial Stability Board (FSB-RCGA) for two more years after being appointed for a second term for the position.
The announcement was made last Monday by the central bank. Coming from his current term which expires at the end of June, this new two-year term is unprecedented under the current charter of the Regional Consultative Groups of the FSB.
“I am thankful for the privilege and welcome the challenge to serve a second term as co-chair of the RCGA. I look forward to the opportunity to actively work with my colleagues in the RCGA, addressing the after-effects of the pandemic and re-establishing financial stability in the region,” the governor said.
Diokno first took the helm of the RCGA in July 2019 and his second term will end in June 2023.
The central bank chief said he aims to continue his initiatives amplify the voice of the emerging economies in the region in the discussion of systemic risks at the global stage.
“The very point of the FSB in establishing the regional consultative groups is so that the discussions extend beyond the formal G20 membership. Global standards and best practices apply to all and we should leverage this opportunity to shape the discussion and its agreed outcomes,” he said.
“We have to balance providing the interventions that address the needs today while remaining conscious of the possible longer-term effects of these interventions. As prudential authorities, we must balance the certainty provided by regulations against the need for flexibility so that we can respond to this once-in-a-lifetime crisis,” he added.
The FSB-RCGA members include financial authorities from 17 jurisdictions including Australia, Brunei Darussalam, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand and Vietnam.