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Medalla has been a member of the BSP’s Financial Board since July 2011.
He had additionally served as socioeconomic planning secretary and the director common of the Nationwide Financial and Growth Authority from 1998 to 2001 in the course of the administration of former President Joseph Estrada.
He’s changing incumbent BSP Governor Benjamin Diokno who has been appointed as Finance secretary.
Medalla holds a PhD in economics. He served as dean of the College of the Philippines Faculty of Economics in addition to Vice chairman for planning and finance of the UP System.
The BSP stated the seasoned economist has written papers on the consequences of financial insurance policies on poverty and issues within the measurement of Philippine financial development, amongst others.
The Marcos administration is grappling with skyrocketing inflation and debt.
The Philippines’ debt-to-GDP is at 63.5 p.c whereas inflation hit 5.4 p.c in April.
In an earlier interview with Bloomberg, Medalla stated there may very well be two extra fee hikes by August as inflation continues to soar.
The BSP earlier hiked rate of interest by one other 25-basis factors to 2.50 p.c.
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