Central Banking

Buenaventura appointment illegal-BSP says otherwis

Malacanang has been receiving reports Bangko Sentral ng Pilipinas (BSP) Governor Rafael Buenaventura may have been illegally appointed by former president Joseph Estrada under the Central Bank Act, presidential spokesman Renato Corona said in a radio interview aired on Feb 8, 2001. He said the alleged violation was based on the law's prohibition that anyone who served as chairman or president of a private bank could not be appointed BSP governor within one year after resigning from the bank.