Diokno says relationship with Marcos 'very good' amid replacement rumors

MANILA, Philippines — As far as Finance Secretary Benjamin Diokno is concerned, he still enjoys a “very good” relationship with President Ferdinand “Bongbong” Marcos Jr. despite reports saying he could be replaced because of his handling of the country’s inflation woes.

“I don't know where this is coming from. I'm old enough in this game to even bother about this,” Diokno told reporters at the sidelines of an event organized by Startbase ADR Institute.

“I just work nonstop unceasingly to do my job,” he added.

The finance chief was responding to a report by Bilyonaryo.com, which cited an anonymous source who claimed that Marcos is looking to replace Diokno because of his “incompetence” in controlling painfully high inflation that could potentially threaten the administration’s popularity.

READ: Filipinos unhappy with Marcos' handling of inflation problem — survey

The rumor came days after Marcos appointed his godson, Romeo Lumagui Jr., as head of the Bureau of Internal Revenue, replacing Lilia Guillermo who was handpicked by Diokno himself. Asked by reporters if Guillermo resigned from her post or got fired, Diokno declined to comment.

Finance chief Benjamin Diokno on rumors that he will leave the DOF: I don't know where this is coming from. I'm old enough in this game to even bother about this.

Diokno says his relationship with President Marcos remains "good." @PhilippineStar pic.twitter.com/W19Wr7ghL3

— Maureen Simeon (@maureensimeon) November 22, 2022

'Scapegoat'

Bilyonaryo’s source claimed that Marcos has a list of names that could replace Diokno, which includes Albay Rep. Joey Salceda, former Defense Secretary Gilbert Teodoro and former Senator Manuel “Mar” Roxas, who also served as interior and local government secretary during the Aquino administration.

Both Salceda and Teodoro have connections with former President Gloria Macapagal-Arroyo, an ally of the Marcoses. Meanwhile, Roxas and first lady Liza Araneta-Marcos come from the influential Araneta clan.

As it is, a potential shake-up in the Department of Finance would come at a time brutally high inflation continues to squeeze household budgets. Government data showed inflation sizzled to 7.7% in October, a 14-year high.

READ: No reprieve for Filipinos as inflation boils to over 10-year high in October

Sought for comment, Anthony Lawrence Borja, political science professor at De La Salle University in Manila, said public reaction to a leadership revamp at the DOF, the government’s main economic agency, would depend on “whether the publicists of the government can effectively render the likes of Diokno into a scapegoat” for the inflation problem.

Public response to a possible DOF shake-up would also depend on the policies of Diokno’s replacement, Borja added.

READ: Marcos' economic team sells 'ambitious' goals as Philippines faces tougher 2022 

“Given that there is minimal understanding of economic affairs among the general public, a complete reversal of existing policies might be enough to impress and silence discontent,” he said.

“Overall, loyalty to chief would shield the president from any serious public backlash, while the business sector would certainly react differently from the general public, unless the new policies involve an increase in taxes for ordinary Filipino workers,” he added. — with a report from The STAR/Louise Maureen Simeon