Following long consultations, President Ferdinand "Bongbong" Marcos Jr. has named Eli Remolona as the new governor of the Bangko Sentral ng Pilipinas (BSP), the Presidential Communications Office (PCO) announced on Friday, June 23.

Bangko Sentral ng Pilipinas Governor Eli Remolona (BSP)

Remolona, 70, will replace Felipe Medalla, whose term as BSP governor will end on July 2. He will serve a six-year term as Governor and Chairman of the Monetary Board starting 3 July 2023.

According to the PCO, Marcos decided on Remolona after extensive consultations with the Department of Finance (DOF), various government offices, private banks, and financial institutions.

"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 PCO said.

"His appointment ushers in a new era for the central bank, with great anticipation and confidence in his ability to steer the Philippine economy toward sustained growth and stability," it added.

In a statement, Medalla said he was grateful to President Marcos for what he described as "the best opportunity" for him to make an impact and serve the Filipino people.

"I am honored to turn over the reins of the institution to my Monetary Board colleague Eli Remolona who is fully capable of leading the central bank in pursuing its mandates of promoting price and financial stability, and a safe and efficient payments and settlements system," he said.

As the newly appointed governor, 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. He is the seventh BSP Governor since the enactment of the New Central Bank Act in 1993.

Before his appointment, Remolona served as a Member of the Monetary Board of the BSP since August 2022. 

Remolona's career included 14 years at the Federal Reserve Bank of New York and 19 years at the Bank for International Settlements (BIS). While at the BIS, he served as the regional head for Asia and the Pacific, where he closely collaborated with the governors of 12 leading central banks. His work focused on crucial issues such as financial stability, capital market development, and asset management for Asia-Pacific central banks.

Before moving to the BSP, Remolona served as an independent director of the Bank of the Philippine Islands (BPI) and chairman of its risk management committee.

He was also 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.

Remolona also taught at Williams College, Columbia University, and New York University in the United States, as well as at the University of the Philippines. He holds a Ph.D. in Economics from Stanford University. He is a product of public schools. He graduated valedictorian from V. Mapa High School.

In addition, Remolona held various positions of high importance in the financial industry. 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.

According to the PCO, the new BSP governor 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," he said.

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

Remolona is not a stranger to the Marcoses. He served as an economist at the Presidential Economic Staff and Development Management Staff under then Executive Secretary Alejandro Melchor during the time of the late president Ferdinand E. Marcos.

He also joined a high-level economic mission to the Philippines, advising the current President's father on structural reforms.