MANILA, March 4 (Xinhua) -- Philippine President Rodrigo Duterte has appointed Budget Secretary Benjamin Diokno as the new governor of the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, according to news reports.

Philippine Executive Secretary Salvador Medialdea confirmed that Diokno's appointment was announced during a meeting in Malacanang presidential palace held on Monday.

Diokno, 70, is currently the secretary of the Department of Budget and Management (DBM). He held the same position under former President Joseph Estrada, from July 1998 until Estrada's ouster in January 2001.

Diokno also served as undersecretary for Budget Operations at the DBM, from 1986 to 1991, during the administration of then President Corazon Aquino.

He was professor emeritus of the School of Economics of the University of the Philippines.

Diokno replaced Nestor Espenilla who passed away on Feb. 23 after a bout with tongue cancer.

He will serve the remaining term of the late Espenilla until 2023.