BIZ BUZZ: Gasmen is next BSP treasury chief

The hunt is over for the next Bangko Sentral ng Pilipinas (BSP) treasury chief. Several industry sources told Biz Buzz that BSP Governor Eli Remolona Jr. has handpicked the successor of Edna Villa, senior assistant governor for financial markets, who will retire later this year.

For the first time in history, the next BSP treasury chief will come from the private sector.

We’re talking about Dino Gasmen, treasurer and head of global markets at Bank of the Philippine Islands (BPI), the first external candidate on our list when we first reported about the headhunt for this crucial BSP post in early May.

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The appointment still has to be cleared by the policy-making Monetary Board.

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“At the end of the day, it’s Gov’s choice,” one industry source said.

Another well-placed source said Remolona was especially confident in Gasmen’s risk management capabilities.

From what we hear, Gasmen has already started saying his bye-byes to colleagues at BPI, his employer since 2014.

He has reached retirement age, which makes it an easier decision to enter civil service and cap his professional career on the side of the regulators.Most likely, he will be summoned to the BSP while Villa is still winding up her term, to facilitate a smooth transition.

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Before working at BPI, Gasmen had spent 17 years at HSBC Global Markets covering various roles: head of the rates trading business in the Philippines, Indonesia, Vietnam and Sri Lanka; and head of balance sheet management at HSBC Philippines.

Overseas, he also worked at HSBC Bank PLC in the United Kingdom as Asian product manager.Gasmen likewise previously worked at Deutsche Bank Manila, Citytrust Banking Corp. and Philippine American Life Insurance Corp.

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It’s a big move for the BSP to bring in an external talent to its dealing room, but one that’s deemed as auspicious during this time of extraordinary volatility.

The coming of a treasury veteran to fill the big void to be left by Villa is also expected to hasten the “seasoning” of the BSP’s relatively junior treasury staff. — Doris Dumlao-Abadilla

After GCash, is Maya next?

With the market fixated on the blockbuster initial public offering (IPO) plans of GCash⁠, another fintech giant may eventually find its way to the local bourse.

According to Philippine Stock Exchange president and CEO Ramon Monzon, there has been no listing application yet from Pangilinan-led Maya⁠ despite persistent market chatter that the digital bank and e-wallet operator was preparing an offering.

Still, Monzon is keeping the faith.

Monzon recalled bumping into tycoon Manuel V. Pangilinan at an event, where the latter sought his help in getting Maya listed in the Philippines.

That conversation left Monzon convinced that Maya’s local shareholders remain committed to eventually bringing the fintech firm to the domestic market, even as earlier plans for an overseas listing appear to have hit snags.

His reading of the situation: if Maya pushes through with a foreign debut, the company could still end up pursuing a dual listing, with the Philippines serving as one of its trading venues.

For Monzon, the significance goes beyond fundraising proceeds.

GCash’s planned market debut would introduce what he described as the first real “tech” story on the local exchange — a departure from the usual mix of banks, property firms and conglomerates that dominate the market.

Should Maya follow, it would become the second.

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And that, Monzon hopes, could finally open the floodgates for more Philippine technology companies to test investor appetite on the local stock market. Emmanuel John B. Abris