Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona has officially sworn in Atty. Elmore O. Capule as the new Deputy Governor for the Corporate Services Sector. The oath-taking ceremony was held earlier this month at the BSP Head Office in Manila.
BSP Governor Eli M. Remolona (left) administers the oath of office to Atty. Elmore O. Capule (right) as the new BSP Deputy Governor for the Corporate Services Sector
This appointment is a significant milestone in Capule’s nearly three-decade-long career with the central bank.
Atty. Capule succeeds former Deputy Governor Eduardo G. Bobier and will oversee the prudent and effective management of BSP’s resources to support its core functions. His new role will tap into his extensive legal expertise and leadership experience, ensuring that the central bank continues to meet its institutional goals while upholding transparency and efficiency.
BSP Governor Remolona, who himself was honored as one of the world’s top-performing central bank governors in Global Finance Magazine’s 2024 Central Banker Report Cards, also highlighted the critical role that the central bank plays in promoting financial inclusion and innovation in the Philippine economy, areas where Capule’s expertise is expected to make a significant impact.
BSP’s Capule and his longstanding public service career
Atty. Capule’s journey with the central bank began in 1994 when he joined as a bank attorney. His exemplary performance and dedication to public service earned him a series of promotions, first as the Head of the Office of General Counsel and Legal Services in 2013.
Photo shows then BSP General Counsel Elmore O. Capule (left), together with SC Chief Justice Alexander Gesmundo, former BSP Governor Felipe M. Medalla (3rd from left), and Anti-Money Laundering Council Executive Director Matthew M. David (right)
He was subsequently appointed as Assistant Governor in 2016 and promoted to Senior Assistant Governor in 2019.
Throughout his career, Capule has taken on various leadership roles within the central bank. He headed several critical committees, including the Bids and Awards Committee and the Committee on the Disposal of Real Properties.
His leadership in these areas played a crucial role in managing the central bank’s resources and ensuring transparency in its operations.
As General Counsel, Capule led the central bank’s legal department, contributing to the institution’s legal and regulatory framework. His expertise in banking law made him a respected figure within the BSP and among industry peers.
A legacy of legislative and legal contributions
Photo shows BSP Deputy Governor Elmore O. Capule (left), with SC Chief Justice Alexander Gesmundo, former BSP Governor Felipe M. Medalla (3rd from left), and AMLC Executive Director Matthew David (right).
Atty. Capule’s impact extends beyond the BSP’s internal operations. As the Head of the BSP Legislative Team, he was instrumental in pushing forward key legislative reforms that have shaped the country’s financial landscape.
He played a pivotal role in the passage of several landmark laws, including amendments to the New Central Bank Act (Republic Act No. 11211), the National Payment Systems Act (Republic Act No. 11127), and the Islamic Banking Law (Republic Act No. 11439).
Atty. Capule’s efforts also contributed to the enactment of the Financial Institutions Strategic Transfer Act (Republic Act No. 11523) and the Financial Products and Services Consumer Protection Act (Republic Act No. 11765). These laws have enhanced the country’s financial stability, strengthened its banking system, and improved consumer protection mechanisms.
Capule’s commitment to legal scholarship is evident in his role as Editor-in-Chief of BSP law books, including “The Banking Laws of the Philippines” and “The General Banking Law Annotated.” These publications have become essential references for legal practitioners and scholars in the field of banking law.
Additionally, he co-authored several publications that document the history and evolution of Philippine central banking, including “The Story of Philippine Central Banking” (2019) and “BSP Unbound” (2020).
A recognized expert in banking law
As a subject matter expert, Capule has shared his knowledge and insights at numerous seminars and training programs, both locally and internationally.
He has served as a resource speaker for the Bankers Institute of the Philippines and the Philippine Judicial Academy, providing expertise to judges, lawyers, and bankers.
His international engagements have included speaking at events hosted by institutions such as the Federal Reserve Bank of New York and the International Monetary Fund.
Capule’s influence as an educator also extends to academia. He teaches banking law at the Ateneo de Manila University School of Law and has previously taught at the Far Eastern University Institute of Law, where he has mentored future legal professionals.
Educational background and accomplishments
Atty. Capule’s educational credentials are as impressive as his professional achievements. He graduated with second honors from the Ateneo de Manila School of Law and earned his Bachelor of Science in Agricultural Business from the University of the Philippines Los Baños.
His legal career began with a notable achievement — placing third in the 1987 Philippine Bar Examinations, a testament to his dedication and intellect.
Capule’s promotion to Deputy Governor is a recognition of his consistent excellence and commitment to public service. His leadership is expected to further strengthen the BSP’s ability to manage its resources efficiently and navigate the complexities of the modern financial landscape.
With decades of experience and a proven track record in both law and central banking, Atty. Elmore Capule is poised to make a lasting impact in his new role as Deputy Governor for the Corporate Services Sector at the BSP.