Dr. Eli M. Remolona, Jr., formerly of the Bank for International Settlements (BIS), has taken his oath of office as the seventh member of the Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas (BSP).
MB Chairman and BSP Governor Felipe M. Medalla administered Dr. Remolona’s oath.
Dr. Remolona will serve the remainder of the unexpired term of Governor Medalla, that is until 2023, following the latter’s appointment as head of the country’s monetary authority.
“We welcome the appointment of Dr. Remolona to the Monetary Board. His invaluable expertise and practical experience should contribute greatly to the fulfillment of BSP’s mandates,” said the Governor.
Dr. Remolona brings to the MB a wealth of experience in central banking, having worked for nearly 20 years at the BIS in Basel and Hong Kong, and 14 years at the Federal Reserve Bank of New York.
He was also the Director of Central Banking and a Professor of Finance at the Kuala-Lumpur-based Asia School of Business, which was established in 2015 as a partnership between Bank Negara Malaysia and the MIT Sloan School of Management.
He also taught at Williams College, Columbia University, and New York University in the U.S., as well as at the University of the Philippines. He holds a Ph.D. in economics from Stanford University.
The MB is the highest policy-making body of the BSP. The powers and functions of the BSP are exercised through the MB, which sets the policy directions of the country in the areas of money, banking, and credit.