At a time when slaying inflation appears to be a herculean task globally, President Marcos’ choice of well-respected economist and two-term Monetary Board (MB) member Felipe Medalla as Bangko
Juan de Zuñiga Jr.—a former MB member , longtime BSP general counsel , BSP deputy governor and 1970 bar examination fifth placer—opines that Medalla could be reappointed for another term as BSP governor beyond his second term as MB member.
“On the other hand, an appointment involving a movement to a different position or office would constitute a new appointment and, hence, not, in the strict legal sense, a reappointment barred under the Constitution,” the ruling stated. “This precedent can be applied to BSP. The positions of MB member and of governor are different from each other. The MB member has no executive role but functions only collegially with the other MB members. The governor, aside from being an MB member, exercises also chief executive functions and is the official representative and signatory of the BSP,” he added.By analogy, he stressed that this would apply to both Medalla and Peter Favila who had already been twice appointed to the MB.
Those transactions drew international attention as foreign businessmen were worried that money placed in local companies could be easily diluted through various schemes. The SEC’s Markets Securities Regulation Department , however, issued a 2022 decision dismissing the case for alleged forum shopping and prescription of action without looking into the substantive portion of the complaint. But the minority shareholders persevered in their search for justice and filed an appeal.
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