Marcos appoints Eli Remolona as new BSP governor

President Ferdinand "Bongbong" Marcos Jr. has appointed Eli Remolona as the new governor of the Bangko Sentral ng Pilipinas, the Presidential Communications Office said on Friday.

Marcos made the appointment as the six-year term of a BSP governor, currently held by Felipe Medalla, ends on July 2.

"After extensive consultations with the Department of Finance, various government offices, private banks and financial institutions, President Ferdinand Marcos Jr. has made the decision to appoint a new Governor to succeed Governor Medalla," the PCO said.

"With his extensive experience and remarkable achievements in central banking, economic policy, international finance, and financial markets, Mr. Remolona brings a wealth of expertise to his new role," the PCO added.

Remolona served as a Professor of Finance and Director of Central Banking at the Asia School of Business in Kuala Lumpur, in collaboration with the MIT Sloan School of Management from 2019 to 2022.

He also taught courses on monetary policy, money and capital markets, and digital transformation, contributing to the education and development of future finance professionals.

He served as the Chief Representative for Asia and the Pacific at the Bank for International Settlements, where he led a team of 35 professionals, managed a significant budget, and oversaw policy-oriented research and financial services provided to central banks and governments in the region.

Remolona was an economist at the Presidential Economic Staff and Development Management Staff, under Alejandro Melchor, who was then Executive Secretary of late President Ferdinand Marcos Sr/

Throughout his career, Remolona worked as a consultant for the Asian Development Bank, the International Monetary Fund, and the World Bank.

Growth and competitiveness

In a statement, the Bankers Association of the Philippines (BAP) said it is confident that Remolona's "global experience and expertise" will lead the banking industry towards "continuous stability of the financial system and growth and competitiveness in the regional stage."

"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,” BAP president Jose Teodoro Limcaoco said. 

The association also hailed Medalla "for laying the foundations to help our countrymen navigate and address their financial needs during this time of global challenges and uncertainties."

"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,” Limcaoco said.—LDF, GMA Integrated News