NextGen Day

Eli M. Remolona, the recently chosen governor of the Bangko Sentral ng Pilipinas (BSP), has experience in banking supervision, which is thought to provide the central bank with more clout in dealing with difficulties.

According to Jonathan Ravelas, a reputable financial analyst currently employed with the audit and consulting firm Reyes Tacandong & Co., with Remolona’s extensive experience, “we can see a continuation of current monetary strategy.”

“His background (at the Fed) could provide a better read of the global landscape to the current monetary policy,” the speaker asserted.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), also told the Philippine News Agency (PNA) that Remolona’s nomination “is a welcome development for the markets and economy, given his international experience, track record, (and) reputation on central banking in developed countries.”

“(He) 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,” he claimed.

The stability of pricing, inflation, and the peso is among the “most important priorities (that the new BSP chief would have to deal with),” he continued.

On Friday, June 23, 2023, Malacanang made the appointment of Remolona official.

Felipe Medalla, the current governor of the BSP, will be replaced on July 2, 2023.

Remolona has been a BSP Monetary Board member since August 2022 before his latest position.

Before joining the MB, Remolona held several noteworthy posts, including a regional head for Asia and the Pacific for the Bank for International Settlements (BIS) for 19 years after spending 14 years there.

He has also consulted for prestigious organizations like the World Bank, the International Monetary Fund, and the Asian Development Bank.

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