The BGA Philippines Team, led by Managing Director Victor Andres Manhit, wrote an update to clients on the appointment of the new Philippine central bank governor.

Context

  • Philippine President Ferdinand Marcos Jr. on June 23 appointed Monetary Board member Eli Remolona as the new governor of the Bangko Sentral ng Pilipinas (BSP) — the Philippine central bank. He will replace Felipe Medalla, who has served as the BSP governor since last June.
  • Remolona, who joined the BSP last August, will serve for a six-year term after he assumes his new position July 3. The Bankers Association of the Philippines and Philippine Chamber of Commerce and Industry have supported his appointment.

Significance

  • Remolona has extensive international central banking policy experience. He worked for 14 years at the Federal Reserve Bank of New York and 19 years at the Bank for International Settlements (BIS) before becoming a Monetary Board member in 2022. He was also formerly an economist of the Presidential Economic Staff and Development Management Staff.
  • Before joining the BSP, Remolona was an independent director at the Bank of the Philippine Islands and the chair of the Risk Management Committee from April 2019. He has taught at Williams College, Columbia University, New York University and the University of the Philippines School of Economics. He has delivered seminars at the Federal Reserve, European Central Bank, Bank of England, Bank of Japan, International Monetary Fund, Asian Development Bank, World Bank and many other central banks and academic institutions.
  • He was the BIS regional head for Asia and the Pacific from 2008 to 2018 and worked closely with the region’s 12 leading central bank governors. He contributed to policy formulation on financial regulatory reform, capital market development and financial stability; oversaw BIS reserve management for Asia-Pacific central banks; and concurrently served as the Asian Consultative Council secretary. Remolona became the editor of the BIS Quarterly Review in 2000 and transformed it into a highly regarded scholarly publication.

Implications

  • Remolona in January said the BSP is working with central banks in Asia to enable cross-border payments. He will continue to advance this as BSP governor.

We will continue to keep you updated on developments in the Philippines as they occur. If you have any questions or comments, please contact BGA Philippines Managing Director Victor Andres Manhit at vmanhit@bowergroupasia.com.

Best regards,

BGA Philippines Team

A small ginko leaf

Managing Director

Dindo is recognized as one of Manila’s most well-connected and savvy advisors on developments in government and business in the Philippines. Concurrent to his role as managing director for BGA’s operations in the Philippines, he is also the founder and managing director of the Stratbase Group and president of its policy think tank, the Albert del Rosario Institute for Strategic and International Studies. Since 1991, Dindo has served as a member of the faculty and is the former chair of the Political Science Department and a senior fellow of the La Salle Institute of Governance at the De La Salle ... Read More