Marcos appoints BDO director to Monetary Board

MANILA, Philippines —

The appointment of Walter Wassmer, who served as a consultant and non-executive director of the BDO Unibank Inc., was announced by the Presidential Communications Office (PCO) in a statement yesterday. The board is the highest policy-making arm of the central bank.

Wassmer is a former senior executive vice president and institutional banking group head of BDO from 1997 to 2022. He also worked as senior vice president of the Far East Bank and Trust Co. from 1986 to 1997, assistant vice president of the Union Bank of the Philippines from 1983 to 1986; and corporate account officer of the Bancom Finance Corp. from 1980 to 1982. The newly appointed MB member also served as corporate account officer of the IFC Leasing and Acceptance Corp. from 1979 to 1980.

Wassmer’s appointment came more than a month after two members of the Monetary Board tied to the ghost employee controversy namely V. Bruce Tolentino and Anita Linda Aquino, resigned from their posts. Their resignation took effect on June 30.

The new MB member holds a Bachelor of Science degree in Commerce from De La Salle University.

According to Philippine Ambassador to the US Jose Manuel Romualdez, Wassmer was a classmate of Marcos in De La Salle Greenhills.

President Marcos has yet to announce the final member of the MB. The new appointees will complete the terms of both Tolentino and Aquino, which were supposed to expire in July 2026.

Aside from BSP Governor Eli Remolona Jr., other MB members are Finance Secretary Ralph Recto, Benjamin Diokno, Rosalia de Leon and Romeo Bernardo, all Marcos appointees.

The STAR asked PCO Secretary Cheloy Garafil about Malacañang’s plans with regard to the BSP officials linked to the scandal but has yet to receive a response.

Last May, the BSP described the irregularity as “unprecedented” and reiterated its commitment to integrity and professionalism.

According to the central bank,  the Office of the General Counsel triggered an investigation in October last year after receiving “credible” information that several staffers in the offices of two MB members had not been reporting for work for extended periods of time but were receiving salaries.

The office