The Bankers Association of the Philippines (BAP) welcomed the appointment of Eli Remolona, a Monetary Board member, as the new governor of the Bangko Sentral ng Pilipinas (BSP) recently, even as they expressed support for whatever initiatives he will be implementing that could impact the banking industry and its various stakeholders.
In a press statement, Jose Teodoro K. Limcaoco, President of the BAP, said, “The BAP looks forward to working with incoming governor Remolona on various initiatives that would impact the banking industry and its stakeholders — whether in the areas of financial market development, cybersecurity or sustainability.”
“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 to growth and competitiveness in the regional stage,” he added.
Photo shows outgoing BSP Governor Felipe M. Medalla (left) after handing over the reins of the central bank to Governor Eli M. Remolona (right) in a ceremony held last July 3 at the BSP head office in Manila.
The BAP likewise salutes outgoing BSP governor Felipe 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 the time of global challenges and uncertainties.
Limcaoco went on to say, “Dr. Medalla ascended in his role as BSP Governor in a period wherein the economy is facing various macroeconomic headwinds. We applaud Dr. Medalla for steering monetary policy towards achieving the twin goals of promoting economic growth and price stability.”
“Dr. 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,” he further stated.
In a statement, outgoing BSP governor Medalla said, “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, Eli 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.”
Remolona brings a wealth of experience
On June 23, 2023, President Ferdinand “BongBong” Marcos Jr. appointed Monetary Board Member (MBM) Eli M. Remolona, 70, as the next governor of the Bangko Sentral ng Pilipinas (BSP) where he will serve a six-year term as governor and also as chairman of the Monetary Board starting July 3, 2023.
With his appointment, Governor Remolona becomes the seventh head of the BSP since the enactment of The New Central Bank Act in 1993.
MBM Remolona, who joined the central bank’s policymaking Monetary Board in August 2022, is expected to bring to the table his extensive international policymaking experience, having worked for 14 years at the Federal Reserve Bank of New York and for 19 years at the Bank for International Settlements in Hong Kong and Switzerland.
Before moving to BSP, MBM Remolona served as an independent director of the Bank of the Philippine Islands (BPI) and chairman of its risk management committee.
MBM Remolana also served as Director of Research and Associate Professor at the University of the Philippines (UP) School of Economics in Diliman, Quezon City. He was also a finance professor and director of central banking at the Asia School of Business in Kuala Lumpur in Malaysia, in collaboration with the Massachusetts Institute of Technology Sloan School of Management.
He taught at Williams College, Columbia University, and New York University in the United States.
In 1982, he received a Ph.D. in Economics “with Distinction” from Stanford University and in 1972, a bachelor’s degree in Economics Honors from the Ateneo de Manila University. A product of public schools, he graduated valedictorian from V. Mapa High School.
In his acceptance speech, the new BSP chief underscored policy continuity as he cited the sustained easing of inflation, a strong banking system, and an increasingly digitalized and efficient payments and settlements system in the country.