Your daily fintech and banking briefing.
Today: Jun 13, 2024

Philippine prez ousts Diokno as finance minister: bold move

1 min read

Philippine President Ferdinand Marcos has removed Benjamin Diokno as finance minister, but has given him a place on the central bank’s monetary board. Diokno, a former central bank governor, was replaced by Ralph Recto, the deputy speaker of the house of representatives. The decision to replace Diokno is unclear, but he recently criticised the Marcos government over rice subsidies. The move comes as the Philippine economy faces challenges such as rising inflation, a weakening currency, and pressure on government finances. Diokno’s removal may have an impact on economic policy and investor sentiment in the country.