Remolona is next BSP governor

President Ferdinand R. Marcos Jr. has appointed Monetary Board Member (MBM) Eli M. Remolona as the next Governor of the Bangko Sentral ng Pilipinas (BSP) and Chairman of the Monetary Board.

MBM Remolona, 70, will serve a six-year term as Governor and Chairman of the Monetary Board starting 3 July 2023.

Incumbent BSP Governor Felipe M. Medalla was appointed head of the BSP on 30 June 2022, replacing then Governor Benjamin E. Diokno who was appointed Secretary of Finance.

In a statement, Governor Medalla said: “I am grateful to the President for having given me the chance to serve as BSP Governor, which is, by far, the best opportunity that I have received to truly make an impact and serve the Filipino people. I am honored to turn over the reins of the institution to my Monetary Board colleague Eli Remolona who is fully capable of leading the central bank in pursuing its mandates of promoting price and financial stability, and a safe and efficient payments and settlements system.”

MBM Remolona, who joined the central bank’s policymaking Monetary Board in August 2022, will be the seventh BSP Governor since the enactment of the New Central Bank Act in 1993.

The incoming head of the BSP has extensive international experience in central banking, having worked for 14 years at the Federal Reserve Bank of New York, and for 19 years at the Bank for International Settlements in Switzerland and Hong Kong.

Before moving to the BSP, MBM Remolona served as an independent director of the Bank of the Philippine Islands and chairman of its risk management committee.

He was also a finance professor and director of central banking at the Asia School of Business in Kuala Lumpur, Malaysia, a collaboration with the Massachusetts Institute of Technology Sloan School of Management.

He taught at Williams College, Columbia University, and New York University in the United States, as well as at the University of the Philippines. He holds a Ph.D. in Economics from Stanford University.