Duterte picks government insider to lead Philippine central bank

Benjamin Diokno
Benjamin Diokno
Photo: Axelchard13

Philippines president Rodrigo Duterte has nominated a government minister to lead the central bank in a surprise move that rocked markets.

The populist president revealed his decision that budget secretary Benjamin Diokno should become the new governor of the Central Bank of the Philippines (BSP) on March 5. Many had anticipated he would choose a central banker instead and the move led to a 0.8% drop in the peso against the US dollar.

If confirmed, Diokno will replace Nestor Espenilla, who

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