The country’s bankers and economists over the weekend welcomed the appointment of Eli Remolona, currently a Monetary Board member, as the new Governor of the Bangko Sentral ng Pilipinas (BSP).
Remolona, a Monetary Board member, was appointed on Friday by President Ferdinand Marcos Jr. as BSP Governor and Chairman of the Monetary Board as the term of the incumbent, Felipe Medalla, is due to expire on July 2.
Remolona, 70, will serve a six-year term as governor and chairman of the Monetary Board starting July 3.
“With his extensive global experience and expertise in financial markets and regulations, we are confident that Dr. Remolona will anchor the Philippine banking industry not only towards continuous stability of the financial system, but also to growth and competitiveness in the regional stage,” said Jose Teodoro Limcaoco, president of Bankers Association of the Philippines (BAP).
“The BAP looks forward to working with (incoming Governor) Remolona on various initiatives impacting the banking industry and its stakeholders, whether it be in the areas of financial market development, cybersecurity, or sustainability,” Limcaoco added.
Michael Ricafort, RCBC chief economist, said the appointment “is a welcome development for the markets and economy, given his international experience on central banking in developed countries.”
“(Remolona) would infuse a more international perspective on central banking, as well as the adoption of more global best practices on central banking, in terms of fulfilling price stability, financial stability, and regulatory mandates, all of which would help sustain the country’s long-term economic growth and development,” Ricafort said.
The BAP likewise salutes Medalla for his steadfast leadership of the financial industry and for laying the foundations to help our countrymen navigate and address their financial needs during this time of global challenges and uncertainties.
“Medalla ascended in his role as BSP Governor in a period wherein the economy is facing various macroeconomic headwinds. We applaud Medalla for steering monetary policy towards achieving the twin goals of promoting economic growth and price stability,” Limcaoco said.
“Medalla is notably a pillar of a strong and resilient Philippine banking system not only for his term as BSP Governor, but also for his 12 years of service in the Monetary Board. The BAP wishes him the very best in his future endeavors,” Limcaoco added.
Medalla was appointed head of the BSP on June 30 last year, replacing then Governor Benjamin Diokno who was appointed Secretary of Finance.
“I am grateful to the President for having given me the chance to serve as BSP Governor, which is, by far, the best opportunity that I have received to truly make an impact and serve the Filipino people. I am honored to turn over the reins of the institution to my Monetary Board colleague Remolona who is fully capable of leading the central bank in pursuing its mandates of promoting price and financial stability, and a safe and efficient payments and settlements system,” Medalla said on Friday.
Remolona, who joined the central bank’s policymaking Monetary Board in August last year, will be the seventh BSP governor since the enactment of the New Central Bank Act in 1993.
Remolona brings with him a wealth of experience in the financial industry in his new role in the BSP, with 14 years in the Federal Reserve Bank of New York and 19 years in the Bank for International Settlements.
Before moving to the BSP, Remolona served as an independent director of the Bank of the Philippine Islands and chairman of its risk management committee.
He was also a finance professor and director of central banking at the Asia School of Business in Kuala Lumpur and taught in various universities
He holds a Ph.D. in Economics from Stanford University.
