Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. and Monetary Board Member Rosalia V. De Leon led the Philippine delegation to the 2024 International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings held in Washington, D.C., USA, in October this year.
This year’s annual meetings, themed “Secure a soft landing and break from the low growth-high debt path,” emphasized the urgent need to address global economic challenges, including inflation, debt sustainability, and low growth. IMF Managing Director Kristalina Georgieva highlighted the importance of ensuring price stability, strengthening fiscal positions, and implementing growth-enhancing reforms.
From left to right: (a) BSP’s Eli M. Remolona, Jr. during the IMF Managing Director-ASEAN Roundtable; (b) BSP governor accepting the Global Finance 2024 Best Central Banker Award; and (c) BSP’s Remolona being interviewed by Kathleen Hays, EIC of Central Bank Central.
Discussions on global, regional economic and financial developments
During the event, Governor Remolona actively participated in various high-level meetings, including the ASEAN-IMF Managing Director Roundtable, Annual Meetings Plenary, and bilateral discussions with the IMF.
He also engaged with Filipino staff working at the IMF and WBG.
In addition to the Annual Meetings, the BSP delegation participated in meetings of the Intergovernmental Group of Twenty-Four (G-24), the 55th Joint Governors’ Meeting of the IMF-WBG Southeast Asia Constituency, and various investor conferences and meetings with credit rating agencies.
These discussions focused on global and regional economic and financial developments, as well as near-term and medium-term challenges.
By actively participating in these high-level events, the BSP delegation aimed to strengthen the Philippines’ international standing, promote economic cooperation, and advocate for policies that support sustainable and inclusive growth.
BSP Governor named one of the world’s “Best Central Bankers”
A significant highlight of the Annual Meetings was the recognition of Governor Remolona as one of the world’s 25 best central bankers for 2024 by Global Finance. This prestigious award underscores the Governor’s exceptional leadership and contributions to the Philippine economy.
During the event, the BSP Governor also received an esteemed “A-” rating from Global Finance Magazine under its 2024 Central Banker Report Cards. He joins an elite list of 25 central bank leaders recognized for their outstanding performance over the past year.
Governor Remolona’s rating reflects his leadership in navigating the complexities of the Philippine economy, with a focus on inflation control, economic growth targets, currency stability, and interest rate management.
These criteria are considered crucial benchmarks in the annual assessment of global central bankers, conducted by Global Finance to highlight leaders who are effectively managing their nation’s monetary policies amid global economic pressures.
Speaking during the awarding ceremony, Governor Remolona acknowledged the challenges of central banking and the importance of public trust and dedication to the Filipino people.
“Central banking is a tough job,” he remarked, “but we have many sources of inspiration, foremost of which are my fellow Filipinos, who deserve all we can do to provide the foundation for their economic well-being,” he said.
Remolona’s rating places him in the ranks of other leading central bank governors worldwide who have demonstrated effective strategies to uphold financial stability and foster economic resilience.
The 2024 report card highlighted central bankers who faced challenges ranging from inflationary pressures to currency fluctuations, recognizing those who applied decisive strategies to meet these complex demands.
Remolona’s performance this past year included efforts to combat inflationary forces, balance interest rates, and maintain currency stability — all while supporting economic growth. These efforts are part of a broader BSP strategy to achieve long-term economic resilience and maintain the purchasing power of the Philippine peso.
The BSP has responded to shifting economic conditions by adjusting policies that manage inflation without hampering growth — a delicate balance that has proven critical in the face of global inflationary trends.