Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Wednesday a fifth deputy governor may be needed as the banking regulator evolves with the changing times.
“The BSP always endeavors to evolve, reform, and transform. Right now, the [creation of] PCMS [Payments and Currency Management Sector, which is headed by newly-appointed Deputy Governor Mamerto Tangonan] is the result of that,” Diokno said in an online briefing.
“We will consider that [fifth deputy governor] because we have a provision to do so,” Diokno said.
Diokno said Tangonan’s appointment was made about two weeks ago and it was confirmed by the Monetary Board.
Tangonan joins fellow deputy governors Francisco Dakila Jr. for the Monetary and Economics Sector, Chuchi Fonacier for the Financial Services Sector and Ma. Almasara Cyd Tuaño-Amador of the Corporate Services Sector.
Tangonan used to be chief of party of the United States Agency for International Development where he led the E-PESO project meant to find ways to boost digital payments in the Philippines.
He also served as general manager of PT Smart Telecom; director of Globe Telecom Inc. where he handled the project management of G-Cash mobile banking project for rural banks; and first vice president of ING Life Insurance Co. (Phils.) Inc.
The new deputy governor brings with him over 28 years of experience in digital and traditional financial services, telecommunications, technology, financial inclusion and consulting services.
Amendments to Republic Act 7653 or the New Central Bank Act passed in 2019 allowed the BSP to have up to five deputy governors—the second-highest position in the institution – compared to the previous limit of three.
As head of the PCMS sector, Tangonan is tasked to address the interplay between digital money and physical currency and support the digital transformation of the country’s financial services.
He leads PCMS in maintaining the safety and integrity of the Philippine currency and ensuring well-functioning payments and cash ecosystem that fosters long-term economic growth.
“This is aligned with the BSP’s Digital Payments Transformation Roadmap which aims to achieve efficient, safe and inclusive payments ecosystems,” Diokno said of the latest developments.
PCMS is also in-charge of anti-counterfeiting operations; currency forecasting; currency retirement; and the servicing of bank deposits and withdrawals in the greater Manila area (cash operations in the regions are performed by regional offices and branches).
It handles the licensing and supervision of payment system operators; formulation of strategies and policies for currency and payments systems, including the digital payments transformation and currency forecasting; operations of the Philippine Payment and Settlement System; and administration of the digital Personal Equity Retirement Account.