President Ferdinand R. Marcos Jr. has appointed Eli Remolona as the new governor of the Bangko Sentral ng Pilipinas (BSP), Malacañang announced on Friday.
Remolona’s appointment was confirmed by Communications Secretary Cheloy Garafil in a statement.
Remolona will replace outgoing BSP Governor Felipe Medalla whose term will end on July 2.
Garafil said Remolona was picked as the new head of the BSP following Marcos’ “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,” she 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,” Garafil added.
Prior to his new appointment, Remolona was a member of the Monetary Board of the BSP since August 2022.
Garafil said Remolona, as the new BSP governor, is expected to leverage his extensive knowledge and experience to guide the BSP in promoting financial stability, implementing effective monetary policies, and fostering a robust banking sector.
“His appointment ushers in a new era for the central bank, with great anticipation and confidence in his ability to steer the Philippine economy toward sustained growth and stability,” she said.
Garafil said Remolona’s impressive career includes a notable tenure of 14 years at the Federal Reserve Bank of New York, followed by 19 years at the Bank for International Settlements (BIS).
During his time at the BIS, Remolona served as the regional head for Asia and the Pacific where he closely collaborated with the governors of 12 leading central banks in the region.
“His work focused on crucial issues such as financial stability, capital market development, and asset management for Asia-Pacific central banks,” Garafil said.
Remolona’s journey in economics began in 1972 when he served as an economist at the Presidential Economic Staff and Development Management Staff of the Executive Secretary Alejandro Melchor under the leadership of the President’s father and namesake, President Ferdinand E. Marcos.
He also joined a high-level economic mission to the Philippines, advising the older Marcos on structural reforms.
Throughout his career, Remolona has worked as a consultant for esteemed institutions such as the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the World Bank.
Remolona also 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 taught courses on monetary policy, money and capital markets, and digital transformation, contributing to the education and development of future finance professionals.
His expertise extends beyond academia, as he held various positions of high importance in the financial industry.
He served as the Chief Representative for Asia and the Pacific at the BIS, 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 has published over 5,500 citations in leading journals in economics and finance.
His contributions to the field of finance are further highlighted by his role as an Associate Editor for Finance of the International Journal of Central Banking from 2005 to 2022. (PNA)