In a significant development for the Philippine financial sector, President Ferdinand R. Marcos, Jr. has recently appointed veteran banker Walter C. Wassmer to the Bangko Sentral ng Pilipinas (BSP)’s Monetary Board (MB).
President Marcos Jr. (left), and veteran banker Walter C. Wassmer (right)
With a distinguished career spanning several decades, Wassmer’s expertise is set to be a valuable asset to the BSP’s highest policy-making body, reinforcing the government’s commitment to financial stability and growth.
Wassmer joins an elite group of financial leaders on the Monetary Board, including BSP Governor and MB Chairman Eli M. Remolona, Jr., Department of Finance Secretary and MBM Ralph G. Recto, who was appointed to the board as a Cabinet representative in January this year, and MBMs Benjamin E. Diokno, Romeo L. Bernardo, and Rosalia V. De Leon. His extensive background in banking and finance is expected to significantly bolster the board’s decision-making process.
Veteran banker’s appointment comes at a pivotal time
A veteran banker with almost 4 decades of experience, Wassmer’s appointment comes at a pivotal time as he fills the vacancy left by former MBM V. Bruce J. Tolentino, who resigned effective June 30, 2024. He will serve the remainder of Tolentino’s term until July 2026.
In a media advisory, Governor Remolona highlighted the importance of this appointment, stating, “Walter Wassmer brings with him decades of banking experience which will prove invaluable to the policy-making body and the decisions of the Monetary Board.”
BSP Governor Eli M. Remolona, Jr. (left) formally welcomes new Monetary Board Member (MBM) Walter C. Wassmer after administering his oath of office at the BSP head office in Manila
Wassmer’s career is marked by notable achievements, particularly during his long tenure at BDO Unibank Inc., where he joined in 1997 and rose to the role of Senior Executive Vice President – Head of Institutional Banking until his retirement in 2022.
Even post-retirement, the veteran banker has remained active, continuing to serve on the BDO board. Wassmer’s previous roles at prominent institutions such as Far East Bank & Trust Co., UnionBank of the Philippines, Bancom Finance Corp., and IFC Leasing and Acceptance Corp., have equipped him with a deep understanding of the banking sector’s complexities.
A graduate of De La Salle University with a Bachelor of Science in Commerce, majoring in Management of Financial Institutions degree, Wassmer further sharpened his skills at the Asian Institute of Management (AIM) through its Management Development Program. His solid academic and professional background provides a strong foundation for his new role at the BSP.
Wassmer to bring fresh perspectives to MB
Industry insiders are optimistic about Wassmer’s appointment, expecting him to bring fresh perspectives and robust leadership to the Monetary Board. His role will involve critical oversight and strategic decision-making that will shape the financial policies of the Philippines.
Wassmer’s track record suggests that his insights will advance the BSP’s mission of maintaining price stability, ensuring a strong financial system, and fostering economic growth.
In addition to his extensive experience, Wassmer currently holds several key positions. He serves on the Board of Directors and as a Management and Technical Consultant at BDO Unibank Inc. Previously, he was Chairman and Officer-In-Charge of BDO Elite Savings Bank Inc. and held directorships in various BDO subsidiaries, including BDO Leasing and Finance Inc., BDO Finance Corporation, and BDO Capital & Investment Corporation, among others.
These leadership roles have consistently demonstrated his ability to steer complex financial institutions towards sustained growth and stability.
Wassmer’s appointment is more than a mere addition to the BSP’s Monetary Board; it represents a strategic move that aligns with the broader goals of the central bank. His presence is expected to enhance the board’s capacity to navigate the evolving financial landscape, address emerging economic challenges, and implement policies that promote a resilient and inclusive financial system.
As the BSP continues to play a pivotal role in the Philippines’ economic development, Wassmer’s appointment to the Monetary Board signifies a forward-looking approach that prioritizes expertise, stability, and strategic foresight. His contribution is also anticipated to leave a lasting impact on the country’s financial sector, ensuring that the BSP remains a cornerstone of economic stability and growth in the years to come.