Eli Remolona has been selected by President Ferdinand Marcos Jr. to assume the position of Governor of the Bangko Sentral ng Pilipinas (BSP), according to an announcement made by the Presidential Communications Office.
Governor Felipe Medalla, the current holder of the six-year term as BSP Governor, will conclude his tenure on July 2.
Remolona's appointment is based on his extensive background and noteworthy accomplishments in areas such as central banking, economic policy, international finance, and financial markets, all of which make him highly qualified for the role.
Remolona's professional experience includes 14 years at the Federal Reserve Bank of New York and an additional 19 years at the Bank for International Settlements (BIS).
During his time at the BIS, he held the role of the regional head for Asia and the Pacific, working closely with the governors of 12 prominent central banks in the region.
His work focused on vital matters such as ensuring financial stability, fostering capital market development, and managing assets for central banks in the Asia-Pacific region.
Aside from his academic achievements, Remolona has held significant positions in the financial industry.
Notably, he served as the Chief Representative for Asia and the Pacific at the BIS, where he led a team of 35 professionals and supervised policy-oriented research and financial services provided to central banks and governments in the region, while effectively managing a substantial budget.
Remolona's career in economics began in 1972 when he worked as an economist at the Presidential Economic Staff and Development Management Staff under Alejandro Melchor, who served as the Executive Secretary during President Ferdinand E Marcos' tenure.
Throughout his professional journey, Remolona has also served as a consultant for esteemed institutions such as the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the World Bank.
Prior to his appointment as BSP Governor, Remolona served as a Member of the Monetary Board of the BSP since August 2022.
As the newly appointed Governor, Remolona is expected to apply his extensive knowledge and experience to guide the BSP in promoting financial stability, implementing effective monetary policies, and nurturing a robust banking sector.
