Finally, a complete 7-member Monetary Board

Last Friday, Jan. 26, marked a turning point for Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, with him finally comfortably hosting this year’s annual reception for the banking community outdoors at the BSP compound’s historic Fort San Antonio Abad on a cool early evening, with a relaxed business casual suit but no tie dress code, and finally with a complete seven-member Monetary Board.

Unlike his first reception in July last year after he assumed his post, which was held indoors, the BSP chief was then quite uncomfortable and a bit nervous, resulting in a brief misunderstanding with his press corps following instructions from his minders not to ambush the still newly appointed monetary official.

Just a short six months hence, Gov. Eli, as journalists now fondly call him, was visibly more relaxed and no longer had his minders carefully trying to surround him and prevent unexpected interviews.

In fact, he is now so comfortable with his press corps that he gamely posed for a group photo, even though members of his security team were still acting a bit paranoid about members of the press holding on to the BSP Governor’s arm and specifically requesting that such photos not be published for some dubious unspecified reason or fear? (Of what? Still beats me, but hence no such photo with the BSP press corps).

Even in his traditional opening speech for the reception, former BSP official, Cristy Orbeta, who is now a director at EastWest Bank, remarked at how confident and comfortable Gov. Eli outlined his vision and goals for monetary policy, the Philippine financial system and the local capital markets, ensuring a more inclusive approach, and harnessing digital technology.

The new DOF Secretary

While Gov. Eli was undoubtedly the star of the show, the guests were also eagerly awaiting the new Finance Secretary Ralph Recto and (I have to admit with disappointment) Ate Vi, who chose not to grab the limelight that night and thus opted not to join her husband at the BSP reception.

It was also interesting to see at the reception past finance secretaries Jesus Estanislao, Roberto de Ocampo (chairman of Philippine Veterans Bank), and Jose Pardo (chairman of the Philippine Stock Exchange), whom I all covered as a banking reporter.

The other highlight of the evening was finally seeing all seven members of the  Monetary Board after a long six-month wait for the change in leadership at the Department of Finance, with former finance secretary Benjamin Diokno also finally filling up the lone seventh slot in the Monetary Board.

With DOF Secretary Recto and Monetary Board member Ben Diokno sharing a toast and completing the seven-member policy making body of the BSP, the market now awaits how the complete Monetary Board will vote during the  Feb. 15 policy meeting on the crucial interest rate adjustment that the market is closely watching to either contain inflation or stimulate lending and economic activity, even as geopolitical events continue to percolate, and now possibly with the added political fallout from the word war between President Marcos and former president Rodrigo Duterte.

Past Governors

Former Central Bank governors Jaime Laya and Jose Cuisia and former BSP governor Amando “Say” Tetangco were also present to support Gov. Eli, while former minister of budget Bert Romulo, whom I also covered as a member of the Monetary Board during the tenure of Central Bank Governor Jose “Jobo” Fernandez Jr., was beaming with pride at the accomplishments of  his daughter, BSP Deputy Governor Berna Romulo-Puyat.

Deputy Governor Berna was supposed to give me a box of the “illegal” Swiss Army chocolate knives that she had brought home as souvenirs from their recent Davos World Economic Forum trip, but unfortunately, due to the well-attended crowd, we somehow forgot about it.

Industry leaders Jaime Augusto Zobel, Tessie Sy-Coson and brother Hans Sy, and Helen Yuchengco-Dee were there to represent their respective banks, along with Bank of the Philippine Islands president and CEO Jose Teodoro “TG” Limcaoco,  BDO president and CEO Nestor Tan, and Rizal Commercial and Banking Corp. president and CEO Eugene Acevedo.

My favorite “Uncle” William Go, chairman of CTBC,  told me that he is set to play a round of golf with Gov. Eli and former BSP governor and now SMIC chairman Say Tetangco.

Philippine National Bank chairman Edgar Cua urged me to write about the bank’s art collection apart from focusing just on banking news, while I inquired from PNB president Florido Casuela on the bank’s future plans for its massive headquarters along Macapagal Boulevard now that Philippine Airlines has finally moved to its new head office along Domestic Road.

Other bankers spotted were Land Bank of the Philippines president and CEO Lynette Ortiz, Metropolitan Bank and Trust Co. president and CEO Fabian Dee, Security Bank president and CEO Sanjiv Vohra, Union Bank of the Philippines president and CEO Edwin Bautista.

2024 Finex president and Ayala Land Inc. CFO and chief compliance officer Augusto Bengzon, was seen conferring with Federation of Filipino Chinese Chambers of Commerce and  Industry  Inc. Cecilio Pedro.

In a brief exchange with me and Manila Bulletin business editor Bernie Magkilat, San Pedro urged both China and the Philippines to “respect each other” and keep their distance so as not to add to growing tension in the West Philippine Sea.

While a lot of guests were still enjoying the food catered by Margarita Fores’ Cibo di Marghi, Gov. Eli took his normal French leave at 8 p.m. to be with his beloved Marie who once again opted not to distract the Governor as he performed his hosting duties.