Monetary Board’s Remolona named BSP governor

MANILA, Philippines — An international banker with more than a decade’s stint with the Federal Reserve Bank of New York, among other foreign postings, is the new governor of the Bangko Sentral ng Pilipinas (BSP), Malacañang announced yesterday.

Monetary Board member Eli Remolona, 70, will take over from 73-year-old Felipe Medalla, who is set to finish his term on July 2.

Medalla and predecessor Benjamin Diokno – named as finance chief last year – served the unexpired term of Nestor Espenilla Jr. who succumbed to cancer in 2019.

The BSP chief has a fixed term of six years.

“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,” the Presidential Communications Office (PCO) said in a statement.

Remolona’s career also includes a 19-year stint with the Bank for International Settlements (BIS), the PCO said.

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, it said.

His work focused on crucial issues such as financial stability, capital market development and asset management for Asia-Pacific central banks, the PCO added.

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.

“Remolona’s expertise extends beyond academia, as he held various positions of high importance in the financial industry,” the PCO said.

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.

“As the newly appointed governor, Mr. Remolona 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,” the PCO said.

Remolona obtained his bachelor’s degree in Economics with honors from the Ateneo de Manila University in 1972. In 1982, he received a Ph.D. in Economics “with Distinction” from Stanford University. — Helen Flores