MANILA (Reuters – Philippine President-elect Ferdinand Marcos has announced that Benjamin Diokno will be his new finance minister, replacing the current chief bank governor.

Marcos announced that Felipe Medalla would replace Diokno in the position of Bangko Sentral ng Pilipinas Governor. This interview was carried out by Marcos’ new press secretary. It was broadcast on Marcos’ Facebook page (NASDAQ.

Medalla serves as a member on the central bank’s Monetary Board.

Marcos indicated that the economy would be his number one priority, with a particular focus on rising inflation and job creation.

These appointments are another confirmation move by Marcos. He is expected to continue many of Rodrigo Duterte’s economic policies, such as a large infrastructure overhaul, and expand upon them.

Diokno, who was the budget secretary in the Duterte administration, before he was elected central bank governor, stated that he was dedicated to the careful management of the economy.

“As finance secretary, I will strive to continue prudently and carefully balancing the need to support economic growth, on one hand, and to maintain fiscal discipline, on the other,” Diokno said in a statement.

Marcos named Emmanuel Bonoan public works secretary, and Alfredo Pascual trade secretary.

On Thursday, the broad stock index was flat following Marcos’s announcements regarding his economic team.

On May 19, 2018, the BSP increased interest rates, joining other peers worldwide in an effort to curb rising inflationary pressures.

Marcos inherits an economic system that is stronger than it was a year ago. The economy grew 8.3% in its first quarter compared to a year prior.

To take account of external risks, the current government has narrowed down its growth targets to 7.0%-8.0% this week from 7.0%-9.0%.

Analysts believe that the new administration will be faced with a huge amount of debt due to the government’s current pandemic borrowing. This may limit his ability to accept additional debt to fund government projects and support growth.