Benjamin Diokno

Filipino economist and government official

In this Philippine name, the middle name or maternal  family name is Estoista and the surname or paternal family name is Diokno.

The Honorable

Benjamin Diokno

Official portrait

Member of the Monetary Board of the Bangko Sentral ng Pilipinas

Incumbent

Assumed office
January 12, 2024
President| Bongbong Marcos
Preceded by| Peter B. Favila
32nd Secretary of Finance
In office
June 30, 2022 – January 12, 2024
President| Bongbong Marcos
Preceded by| Carlos Dominguez III
Succeeded by| Ralph Recto
5th Governor of the Bangko Sentral ng Pilipinas
In office
March 4, 2019 – June 30, 2022
President| Rodrigo Duterte
Deputy| Francisco G. Dakila, Jr.
Eduardo G. Bobier
Chuchi G. Fonacier
Mamerto Tangonan
Preceded by| Nestor Espenilla Jr.
Succeeded by| Felipe Medalla
6th Secretary of Budget and Management
In office
June 30, 2016 – March 4, 2019
President| Rodrigo Duterte
Preceded by| Florencio Abad
Succeeded by| Janet Abuel (Officer-In-Charge)
In office
June 30, 1998 – January 20, 2001
President| Joseph Estrada
Preceded by| Emilia Boncodin (Officer-In-Charge)
Succeeded by| Emilia Boncodin
Personal details
Born|

Benjamin Estoista Diokno

(1948-03-31) March 31, 1948 (age 76)
Taal, Batangas, Philippines
Children| Charlotte Justine Diokno-Sicat
Benjamin G. Diokno Jr.
Jonathan Neil G. Diokno
Parent(s)| Leodegario Diokno y Badillo (father)
Loreta Estoista (mother)
Relatives|

List

* Jose W. Diokno (second cousin)
* Chel Diokno (second cousin once removed)
* Ángel Diokno (great grandfather)
* Ananías Diokno (granduncle)

Residence(s)| Quezon City, Metro Manila
Alma mater| University of the Philippines Diliman (BA, MPA, MEc)
Johns Hopkins University (MA)
Syracuse University (Ph.D)
Occupation| Economist, public servant, university professor
Salary|  ₱41.811 million (2021)[1][2]
Signature|

Benjamin Estoista Diokno (born March 31, 1948) is a Filipino economist who currently serves as one of the six members of the Monetary Board of the Bangko Sentral ng Pilipinas, which conducts the country's monetary policy and supervises its financial system.[3][4] Diokno previously served as Secretary of Budget and Management under President Joseph Estrada from 1998 to 2001 and under President Rodrigo Duterte from 2016 to 2019.[5][6] He also served as the Governor of the Bangko Sentral ng Pilipinas and the chairman of its Monetary Board, as well as ex officio chairman of the Anti-Money Laundering Council, from 2019 to 2022 under President Duterte[7] His last Cabinet-level position was being the Secretary of Finance from 2022 to 2024 under President Bongbong Marcos.

From 2020 to 2021 during the COVID-19 pandemic, Diokno became the highest paid public officer in the Philippines.[1]

## Early life and education[edit]

Diokno is the son of Taaleños Leodegario Badillo Diokno (lived from c. 1898-August 24, 1982) and Loreta Estoista, Leodegario's second wife after the passing of his first spouse. Benjamin Diokno was born on March 31, 1948, in Taal, Batangas. His oldest brother Bayani Diokno (1943–2018), became a member of the US Navy for nearly three decades. His other siblings are Lucilo, Felipe, Emilio, Lydia (born 1942), Leonor, Amada, and Eduvijis. Leodegario Diokno was the son of Gregorio Diokno (born 1870) and grandson of Ángel Diokno (born c. 1830), the patriarch of the Taaleño surname.[8] Diokno is the second cousin once removed (through common ancestor Ángel Diokno) of Atty. Jose Manuel "Chel" Diokno of the Free Legal Assistance Group (FLAG) and is six degrees apart from the attorney Sen. Jose W. Diokno, who is Atty. Chel Diokno's father and is considered as the father of human rights. Though they are under the large Diokno family that hails from Taal, the main Diokno branch represented by Chel ran against the Duterte administration in the 2019 and 2022 Senate election, the administration Benjamin Diokno served.[9]

The young Benjamin finished his bachelor's degree in a bachelor of arts program in Public Administration from the University of the Philippines (UP) Diliman in 1968, and earned his master's degree in Public Administration (1970) and Economics (1974) from the same university. Diokno was later awarded an honorary degree from UP. He also holds a Master of Arts in Political Economy (1976) from the Johns Hopkins University in Baltimore, Maryland, USA and a Ph.D. in economics (1981) from the Maxwell School of Citizenship and Public Affairs, Syracuse University in Syracuse, New York, USA. His dissertation "Public Sector Resource Mobilization through Local Public Enterprises in Developing Countries : Issues, Practices and Case Studies" looked at using local public enterprise as alternative means of mobilizing funds for public purposes.[10]

## Career[edit]

Diokno (center) in 2018

### Undersecretary for Budget Operations, Department of Budget and Management (1986–1991)[edit]

Diokno served as undersecretary for Budget Operations of the Department of Budget and Management from 1986 to 1991 under President Corazon Aquino.[11] In this capacity, he provided technical assistance to several major reforms such as the design of the 1986 Tax Reform Program,[12] which simplified income tax and introduced the value-added tax (VAT), and the 1991 Local Government Code of the Philippines.[13]

### Secretary of Budget and Management (1998–2001)[edit]

During the Estrada administration, Diokno initiated and instituted several reforms that would enhance transparency and improve the efficiency of the delivery of government services. The first major reform instituted was the "what you see is what you get" or WYSWIG policy that is a simplified system of fund release for the General Appropriations Act (GAA). This allowed agency heads to immediately plan and contract out projects by just looking at the GAA, which is available in print and at the DBM website, without waiting for the issuance of an allotment authority.[14] Diokno initiated the reform of the government procurement system (GPS) through the adoption of rapidly improving information and communications technology. He secured technical assistance from the Canadian International Development Agency (CIDA) to help the GPS develop an electronic procurement system along the lines of the Canadian model. By August 1999, the DBM had two documents necessary to initiate reforms in public procurement. In early 2000, Diokno and USAID successfully concluded a substantial technical assistance program for the DBM's budget reform programs, which now included procurement reform.[15] Other budget reforms instituted by Diokno concerned procedures for payment of accounts payable and terminal leave/ retirement gratuity benefits. The release of cash allocation were programmed and uploaded to the department's website while payments were made direct to the bank accounts of specific contractor.[14]

### Secretary of Budget and Management (2016–2019)[edit]

Portrait of Diokno during his term as Secretary of Budget and Management under the Duterte administration from 2016 to 2019.

In his third tour of duty as Budget Secretary, Diokno intended to pursue an expansionary fiscal policy to finance investments in human capital development and public infrastructure. In addition, he seeks for the passage of a Budget Reform Bill to ensure the compliance of future budgets with the pertinent laws of the land. He also aims to re-organize and professionalize the bureaucracy with a Government Rightsizing Act.

### Governor of the Bangko Sentral ng Pilipinas (2019–2022)[edit]

On March 4, 2019, President Duterte appointed Diokno as the fifth Governor of the Bangko Sentral ng Pilipinas (BSP), of which he will finish the unexpired term of his late predecessor, Nestor Espenilla Jr. which was supposed to end in July 2023.[16]

### Secretary of Finance (2022–2024)[edit]

On May 26, 2022, then President-elect Bongbong Marcos announced that he would nominate Diokno as the next Finance Secretary in his incoming administration,[17] replacing Diokno in the role of the governor of BSP, with Felipe Medalla, who will finish Diokno's unexpired term.[18] Diokno subsequently took his oath at the Malacañang Palace on June 30, 2022, following the inauguration of the former as president.

On January 12, 2024, Diokno was succeeded by Batangas Representative and Deputy Speaker Ralph Recto as the Finance Secretary, after the latter was appointed by President Marcos on January 11, with Recto taking the oath of office the next day.[19][3]

### Monetary Board Member of the Bangko Sentral ng Pilipinas (2024–present)[edit]

On January 12, 2024, President Marcos subsequently appointed Diokno as one of the six members of the Monetary Board of the Bangko Sentral ng Pilipinas, replacing Peter B. Favila in the position.[3]

## Post-political life[edit]

Diokno is a professor emeritus of the School of Economics of the University of the Philippines-Diliman. He served as Fiscal Adviser to the Philippine Senate. He also served as chairman and CEO of the Philippine National Oil Company (PNOC) and Chairman of the Local Water Utilities Administration. He was also chairman of the Board of Trustees of the Pamantasan ng Lungsod ng Maynila (City University of Manila).

Diokno writes a column for BusinessWorld,[20] Southeast Asia's first daily business newspaper.

## References[edit]

1. ^ a b Ramos, Christia Marie (June 20, 2022). "Ben Diokno still highest-paid official in 2021; Calida slides down to 12th spot".
2. ^ Cortez, Gillian (May 12, 2021). "BSP chief highest paid official in 2020, state auditors say". BusinessWorld.
3. ^ a b c "PBBM appoints Diokno as Member of Monetary Board, thanks him for his services to the Finance department". Presidential Communications Office. January 12, 2024. Retrieved January 15, 2024.
4. ^ "Diokno as Monetary Board member: I'm now cooling down". The Philippine Star. January 15, 2024. Retrieved January 15, 2024.
5. ^ "Estrada-era Budget Sec. Diokno accepts Duterte offer to return to post". GMA News. May 31, 2016. Retrieved May 31, 2016.
6. ^ Benjamin Diokno curriculum vitae Archived October 9, 2006, at the Wayback Machine
7. ^ "Duterte picks Diokno as new Bangko Sentral chief". March 4, 2019.
8. ^ "Leodegardio Diokno y Badillo". FamilySearch.
9. ^ Villamor, Felipe (July 23, 2018). "'Your Concern Is Human Rights, Mine Is Human Lives,' Duterte Says in Fiery Speech". The New York Times.
10. ^ "Dissertation Abstracts International: The humanities and social sciences. A". 1982.
11. ^ Managing the Politics of Reform - ISBN 0-8213-6435-9 Archived June 9, 2007, at the Wayback Machine
12. ^ University of the Philippines Discussion Paper No. 0502
13. ^ Republic Act No. 7160
14. ^ a b Department of Budget and Management
15. ^ Campos & Syquia. 2006. Managing the Politics of Reform: Overhauling the Legal Infrastructure of Public Procurement in the Philippines. World Bank Working Paper No. 70
16. ^ Alegado, Siegfrid (March 4, 2019). "Philippines Names Diokno as Central Bank Chief in Surprise Move". www.bloomberg.com. Retrieved March 5, 2019.
17. ^ "Marcos Jr. picks BSP Governor Diokno as next finance secretary". Philippine Star. May 26, 2022. Retrieved May 26, 2022.
18. ^ Fenol, Jessica (June 30, 2022). "PROFILE: Seasoned economist Felipe Medalla taking helm of Bangko Sentral ng Pilipinas". ABS-CBN News. Retrieved June 30, 2022.
19. ^ Bajo, Anna Felicia (January 12, 2024). "Marcos swears in Ralph Recto as Finance chief". GMA News. Retrieved January 12, 2024.
20. ^ BusinessWorld Online: Core - By Benjamin E. Diokno: "Doubting investors"[permanent dead link]

## External links[edit]

* UP School of Economics: UPSE Faculty Profile
* Benjamin Diokno curriculum vitae

Government offices

Preceded by

Nestor Espenilla, Jr.

|  Governor of the Bangko Sentral ng Pilipinas
2019–2022  | Succeeded by

Felipe Medalla

Political offices
Preceded by

Emilia Boncodin
Acting

|  Secretary of Budget and Management
1998–2001  | Succeeded by

Emilia Boncodin

Preceded by

Florencio Abad

|  Secretary of Budget and Management
2016–2019  | Succeeded by

Janet Abuel
Officer-in-charge

Preceded by

Carlos Dominguez III

|  Secretary of Finance
2022–2024  | Succeeded by

Ralph Recto

* v
* t
* e

Cabinet of President Bongbong Marcos

Cabinet

|  Office|  Name|  Term|  Office|  Name|  Term

|
|
|
|
|

Executive Secretary|  Victor Rodriguez
Lucas Bersamin|  2022
2022–|  Secretary of Interior and Local Government|  Benjamin Abalos Jr.|  2022–
Secretary of Agrarian Reform|  Conrado Estrella III|  2022–|  Secretary of Justice|  Jesus Crispin Remulla|  2022–
Secretary of Agriculture|  Bongbong Marcos**
Francisco Tiu Laurel Jr.|  2022–2023
2023–|  Secretary of Labor and Employment|  Bienvenido Laguesma|  2022–
Secretary of Budget and Management|  Amenah Pangandaman|  2022–|  Secretary of Migrant Workers|  Susan Ople
Hans Leo Cacdac*|  2022–2023
2023–
Secretary of Education|  Sara Duterte-Carpio**|  2022–|  Secretary of National Defense|  Jose Faustino Jr.*
Carlito Galvez Jr.*
Gilbert Teodoro|  2022–2023
2023
2023–
Secretary of Energy|  Raphael Lotilla|  2022–|  Secretary of Public Works and Highways|  Manuel Bonoan|  2022–
Secretary of Environment and Natural Resources|  Maria Antonia Loyzaga|  2022–|  Secretary of Science and Technology|  Renato Solidum Jr.|  2022–
Secretary of Finance|  Benjamin Diokno
Ralph Recto|  2022–2024
2024–|  Secretary of Social Welfare and Development|  Erwin Tulfo
Eduardo Punay*
Rex Gatchalian|  2022
2022–2023
2023–
Secretary of Foreign Affairs|  Enrique Manalo|  2022–|  Secretary of Tourism|  Christina Garcia-Frasco|  2022–
Secretary of Health|  Maria Rosario Vergeire*
Ted Herbosa|  2022–2023
2023–|  Secretary of Trade and Industry|  Alfredo Pascual|  2022–
Secretary of Human Settlements and Urban Development|  Melissa Aradanas*
Jose Acuzar|  2022
2022–|  Secretary of Transportation|  Jaime Bautista|  2022–
Secretary of Information and Communications Technology|  Ivan John Uy|  2022–| | |

Cabinet-level

|  Office|  Name|  Term|  Office|  Name|  Term

|
|
|
|
|

Vice President|  Sara Duterte-Carpio|  2022–|  Special Assistant to the President|  Antonio Lagdameo Jr.|  2022–
Secretary of the Presidential Communications Office|  Rose Beatrix Angeles
Cheloy Garafil|  2022
2022–|  National Security Adviser|  Clarita Carlos
Eduardo Año|  2022–2023
2023–
National Economic and Development Authority
Secretary|  Arsenio Balisacan|  2022–|  Presidential Adviser on the Peace Process|  Carlito Galvez Jr.
Isidro L. Purisima*
Carlito Galvez Jr.|  2022–2023
2023
2023–
Chief Presidential Legal Counsel|  Juan Ponce Enrile|  2022–|  Presidential Assistant for the Visayas|  Terence Calatrava|  2022–
Solicitor General|  Menardo Guevarra|  2022–|  Presidential Adviser on Legislative Affairs|  Irene Afortunado
Mark Llandro Mendoza|  2022
2022–
Chairman of the Joint Chiefs|  Andres Centino
Bartolome Vicente Bacarro
Andres Centino
Romeo Brawner Jr.|  2021–2022
2022–2023
2023
2023–|  Secretary of the Presidential Management Staff|  Zenaida Angping
Elaine T. Masukat*|  2022
2023–
Presidential Adviser on Creative Communications|  Paul Soriano|  2022–2023|  Presidential Adviser for Poverty Alleviation|  Larry Gadon|  2023–
Special Assistant to the President for Investment and Economic Affairs|  Frederick Go|  2023–|  Presidential Assistant for Maritime Concerns|  Andres Centino|  2023–
Presidential Adviser on Military and Police Affairs|  Roman A. Felix|  2022–| | |

*as Officer-in-charge
**in Concurrent capacity

* v
* t
* e

Cabinet of President Rodrigo Duterte (2016–2022)

Cabinet

Executive Secretary|

* Salvador Medialdea (2016–2022)

Secretary of Agrarian Reform|

* Rafael V. Mariano (2016–2017)
* Rosalina Bistoyong* (2017)
* John Castriciones (2017–2021)
* Bernie Cruz* (2021–2022)

Secretary of Agriculture|

* Emmanuel Piñol (2016–2019)
* William Dar (2019–2022)

Secretary of Budget and Management|

* Benjamin Diokno (2016–2019)
* Janet Abuel* (2019)
* Wendel Avisado (2019–2021)
* Tina Rose Marie Canda* (2021–2022)

Secretary of Education|

* Leonor Briones (2016–2022)

Secretary of Energy|

* Alfonso Cusi (2016–2022)

Secretary of Environment and Natural Resources|

* Gina Lopez (2016–2017)
* Roy Cimatu (2017–2022)
* Jim Sampluna* (2022)
* Joselin Marcus E. Fragada* (2022)

Secretary of Finance|

* Carlos Dominguez III (2016–2022)

Secretary of Foreign Affairs|

* Perfecto Yasay Jr. (2016–2017)
* Enrique Manalo* (2017)
* Alan Peter Cayetano (2017–2018)
* Teodoro Locsin Jr. (2018–2022)

Secretary of Health|

* Paulyn Ubial (2016–2017)
* Herminigildo Valle* (2017)
* Francisco Duque (2017–2022)

Secretary of Human Settlements and Urban Development|

* Eduardo del Rosario (2020–2022)

Secretary of Information and Communications Technology|

* Rodolfo Salalima (2016–2017)
* Eliseo Rio Jr.* (2017–2019)
* Gregorio Honasan (2019–2021)
* Jose Arturo De Castro* (2021)
* Emmanuel Rey Caintic* (2021–2022)

Secretary of Justice|

* Vitaliano Aguirre II (2016–2018)
* Menardo Guevarra (2018–2022)

Secretary of Labor and Employment|

* Silvestre Bello III (2016–2022)

Secretary of Migrant Workers|

* Abdullah Mama-o (2022)

Secretary of National Defense|

* Delfin Lorenzana (2016–2022)

Secretary of Public Works and Highways|

* Rafael Yabut* (2016)
* Mark Villar (2016–2021)
* Roger Mercado* (2021–2022)

Secretary of Science and Technology|

* Fortunato de la Peña (2016–2022)

Secretary of Social Welfare and Development|

* Judy Taguiwalo (2016–2017)
* Emmanuel Leyco* (2017)
* Virginia Orogo* (2018)
* Rolando Joselito Bautista (2018–2022)

Secretary of Interior and Local Government|

* Ismael Sueno (2016–2017)
* Catalino Cuy* (2017–2018)
* Eduardo Año (2018–2022)

Secretary of Trade and Industry|

* Ramon Lopez (2016–2022)

Secretary of Transportation|

* Arthur Tugade (2016–2022)

Secretary of Tourism|

* Wanda Tulfo Teo (2016–2018)
* Bernadette Romulo-Puyat (2018–2022)

Cabinet-level

Vice President|

* Leni Robredo (2016–2022)

Presidential Spokesperson|

* Ernesto Abella (2016–2017)
* Harry Roque (2017–2018)
* Salvador Panelo (2017–2018)
* Harry Roque (2018–2020)
* Karlo Alexie Nograles* (2020–2021)
* Martin Andanar* (2022)

Presidential Management Staff Director-General|

* Bong Go (2016–2018)
* Ferdinand Cui Jr.* (2018)
* Jesus Melchor Quitain (2018–2022)

Presidential Adviser on National Security|

* Hermogenes Esperon (2016–2022)

Secretary of Presidential Communications|

* Martin Andanar (2016–2022)

Chairman of the Joint Chiefs|

* Ricardo Visaya (2016)
* Eduardo Año (2016–2017)
* Rey Leonardo Guerrero (2017–2018)
* Carlito Galvez Jr. (2018)
* Benjamin Madrigal Jr. (2018–2019)
* Noel Clement (2019–2020)
* Felimon Santos Jr. (2020)
* Gilbert Gapay (2020–2021)
* Cirilito Sobejana (2021)
* Jose Faustino Jr. (2021)
* Andres Centino (2021–2022)

National Economic and Development Authority Director-General|

* Ernesto Pernia (2016–2020)
* Karl Kendrick Chua (2020–2022)

Presidential Adviser on the Peace Process|

* Jesus Dureza (2016–2018)
* Carlito Galvez Jr. (2018–2022)

Secretary to the Cabinet|

* Leoncio Evasco Jr. (2016–2018)
* Karlo Nograles (2018–2022)
* Melvin Maibag* (2022)

Presidential Assistant for the Visayas|

* Michael Lloyd Dino (2016–2022)

Chief Presidential Legal Counsel|

* Salvador Panelo (2016–2021)
* Jesus Melchor Quitain (2021–2022)

Lead Convenor of National Anti-Poverty Commission|

* Liza Maza (2016–2018)
* Noel Felongco (2018–2022)

*as Acting Secretary

See also: Presidential transition of Rodrigo Duterte and Presidency of Rodrigo Duterte

* v
* t
* e

Cabinet of President Joseph Estrada (1998-2001)

Vice-President|

* Gloria Macapagal Arroyo (1998–2001)

Secretary of Agrarian Reform|

* Horacio Morales, Jr. (1998-2001)

Secretary of Agriculture|

* William Dar (1998–1999)
* Edgardo Angara (1999–2001)
* Domingo F. Panganiban (2001)

Secretary of Budget and Management|

* Benjamin Diokno (1998–2001)

Secretary of Education, Culture and Sports|

* Andrew Gonzalez (1998-2001)

Secretary of Energy|

* Mario Tiaoqui (1998–2001)

Secretary of Environment and Natural Resources|

* Antonio Cerilles (1998–2001)

Secretary of Finance|

* Edgardo Espiritu (1998–1999)
* Jose Pardo (2000–2001)

Secretary of Foreign Affairs|

* Domingo Siazon, Jr. (1998–2001)

Secretary of Health|

* Felipe Estrella Jr. (1998)
* Alberto Romualdez, Jr. (1998–2001)

Secretary of the Interior and Local Government|

* Joseph Estrada (acting capacity; 1998-1999)
* Ronaldo Puno (1999–2000)
* Alfredo Lim (2000–2001)

Secretary of Justice|

* Serafin Cuevas (1998–2000)
* Artemio Tuquero (2000–2001)

Secretary of Labor and Employment|

* Bienvenido Laguesma (1998–2001)

Secretary of National Defense|

* Orlando S. Mercado (1998–2001)

Secretary of Public Works and Highways|

* Gregorio Vigilar (1998–2001)

Secretary of Science and Technology|

* William Padolina (1998–1999)
* Filemino Uriarte (1999–2001)

Secretary of Social Welfare and Development|

* Gloria Macapagal Arroyo (acting capacity; 1998–2000)
* Dulce Saguisag (2000–2001)

Secretary of Tourism|

* Gemma Cruz-Araneta (1998-2001)

Secretary of Trade and Industry|

* Jose Pardo (1998–1999)
* Manuel Roxas II (1999–2001)

Secretary of Transportation and Communications|

* Vicente Rivera, Jr. (1998-2001)

Executive Secretary|

* Ronaldo Zamora (1998-2000)
* Edgardo Angara (2001)

Presidential Spokesperson|

* Fernardo Barican (1998-2001)

Press Secretary|

* Rodolfo Reyes (1998-2000)
* Ricardo Puno (2000-2001)

Chairperson of the Commission on Higher Education|

* Angel Alcala (1998-1999)
* Ester Garcia (1999-2001)

Director-General of the National Economic and Development Authority|

* Felipe Medalla (1998-2001)

Solicitor General|

* Ricardo Galvez (1998-2001)

Chairman of the Metropolitan Manila Development Authority|

* Jejomar Binay (1998-2001)

National Security Adviser|

* Alexander Aguirre (1998-2001)

Presidential Adviser on the Peace Process|

* Manuel Yan (1998-2001)

Lead Convenor of the National Anti-Poverty Commission|

* Horacio Morales, Jr. (1998-2000)
* Dulce Saguisag (2000-2001)

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template