Remolona's appointment ‘welcome dev’t’ for economy

By Joann Villanueva

June 23, 2023, 8:23 pm

<p>New Bangko Sentral ng Pilipinas Governor Eli Remolona (Photo courtesy of BSP website)</p>

New Bangko Sentral ng Pilipinas Governor Eli Remolona (Photo courtesy of BSP website)

MANILA – The banking regulation expertise of newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona is seen to provide additional teeth on the central bank's capacity to face challenges.

Jonathan Ravelas, a well-regarded financial analyst who is now part of the audit and consultancy firm Reyes Tacandong & Co., told the Philippine News Agency (PNA) that with Remolona’s vast experience, "we can see a continuation of current monetary strategy."

"His background (at the Fed) could provide a better read of the global landscape to the current monetary policy," he said.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort also told the PNA that Remolona's appointment "is a welcome development for the markets and economy, given his international experience, track record, (and) reputation on central banking in developed countries."

"(He) would infuse a more international perspective on central banking, as well as the adoption of more global best practices on central banking, in terms of fulfilling price stability, financial stability, and regulatory mandates, all of which would help sustain the country's long-term economic growth and development," he said.

He added that among "the most important priorities (that the new BSP chief would have to face) are stable prices, inflation and the peso."

Malacanang announced Remolona's appointment on Friday, June 23, 2023.

He will replace BSP Governor Felipe Medalla, whose term will end on July 2, 2023.

Prior to his new appointment, Remolona was a member of the Monetary Board of the BSP since August 2022.

Among Remolona's positions prior to being part of the MB include a notable tenure of 14 years at the Federal Reserve Bank of New York, followed by 19 years at the Bank for International Settlements (BIS) where he served as regional head for Asia and the Pacific.

He has also worked as a consultant for esteemed institutions such as the Asian Development Bank, the International Monetary Fund and the World Bank. (PNA)