RP has new central banker

RP has new central banker

MANILA (Reuters): Rafael Buenaventura, who has topped a 24- year stint with Citibank N.A. in Europe and Asia with a highly visible profile as head of a profitable local bank, was named the Philippines' new central bank governor on Wednesday.

Buenaventura, the president and chief executive officer of Philippine Commercial International Bank, will take over when governor Gabriel Singson retires on July 5, President Joseph Estrada announced.

The announcement has been widely expected, and analysts said there was unlikely to be any shift in the bank's policy of lowering interest rates while keeping tight control over the banking sector.