BSP at 30

It was his first hosting job as the newly installed Bangko Sentral ng Pilipinas Governor, but Eli Remolona still has to get used to being a social butterfly and a magnet for numerous and insatiable selfie and groufie photo requests. Celebrity class smiling is a prerequisite for his new status, an aspect of the job the new BSP chief is not really keen on.

BSP Governor Eli Remolona

Governor Remolona also had to fly solo, as his wife Marie is in the US to attend to a family matter. However, Deputy Governors Berna Romulo-Puyat and Chuchi Fonacier easily took over as the BSP’s in-house hostesses to effortlessly mingle and make everyone welcome that rainy night as the central bank celebrated its 30th anniversary (which is really on July 3), but was instead held Friday (July 28) last week at the BSP auditorium.

Veterans Bank chairman and CEO Roberto de Ocampo, PSE chairman Jose Pardo, China Trust Bank vice chairman William Go, former BSP governor Jose Cuisia Jr. and Hans Sy, chairman of the Executive Committee of SM Prime Holdings.

Lest the younger generation get the wrong idea that the BSP is quite a “young” institution, it is not. The current BSP was created by law to succeed the old, “bankrupt” Central Bank that was established on Jan. 3, 1949. To make a long story short on the demise of the old Central Bank, the previous monetary authority had incurred and absorbed an enormous amount of liabilities from various activities to stabilize the peso during the turbulent late 70s and early 80s, and losses from numerous debts and obligations of the financial and banking sector which were impeding the old CB’s ability to exercise its role.

BSP Deputy Governor Berna Romulo-Puyat with Finance Secretary Benjamin Diokno.

The BSP’s 30th anniversary was missing quite a few key members as President Marcos has not quite gotten around to naming the three new members of the BSP’s Monetary Board, which requires a seven-member board to deliberate on key financial decisions, although the current four-member board can still vote on a rate policy decision. Thus, the anniversary toast was led only by Governor Remolona and MB members Finance Secretary Benjamin Diokno, Bruce Tolentino and Anita Aquino.

Philippine National Bank president Florido Casuela with BSP Deputy Governor Chuchi Fonacier.

Visibly absent among the living CB and BSP governors were former CB governor Jimmy Laya and BSP governor Felipe Medalla. Laya most probably was not comfortable with some of the current MB members while Medalla had reportedly confirmed his attendance, but probably because of the rainy weather and heavy traffic was not able to attend. Thus, giving support to Governor Remolona were former governor Amando Tetangco and former CB governor Jose Cuisia, and of course, former BSP governor and current Finance Secretary Benjamin Diokno.

Cuisia with SMIC vice chairperson Tessie Sy-Coson.

SMIC executives led by Tessie Sy-Coson and brother Hans Sy, along with BDO president Nestor Tan, were in attendance for the SM Group even as Tetangco is also now the SMIC chairman.

Pardo, Governor Remolona, the author and BPI president Teodoro Limcaoco.

The Ayala Group was ably represented by BPI president Teodoro Limcaoco, along with BPI Foundation executive Owen Cammayo. Land Bank of the Philippines president Lynette Ortiz also helped brighten the affair.

NEDA chief Arsenio Balisacan, former BSP governor and current SMIC chairman Amando Tetangco, and BDO president Nestor Tan.

Veterans Bank’s chairman and CEO  Roberto de Ocampo was glowing with confidence and future plans for the bank following a recent cash infusion by a new investor, while PNB president Florido Casuela likewise confidently plans for the future of PNB. Philippine Stock Exchange chairman Jose Pardo represented the business community, along with former ambassador Alfredo Yao, who is set to construct a 250-room Movenpick hotel in Baguio.