Monetary Board member Eli M. Remolona has been named Bangko Sentral ng Pilipinas’ (BSP) seventh governor on Friday, June 23, as announced by the Presidential Communications Office (PCO). Remolona, 71 in October and who hails from Mauban, Quezon, was appointed to the BSP’s policy-making body, the Monetary Board, on Aug. 18 last year to serve the remaining year of incumbent Felipe M. Medalla who was also a Monetary Board member before his appointment on June 30, 2022. Medalla, BSP’s sixth governor for a year, will retire on July 3. He was on the Monetary Board for 11 years before his appointment as governor. Medalla in a statement late Friday said he is grateful for the "chance to serve" and that it was "by far, the best opportunity that I have received to truly 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 also said. Malacanang’s announcement of the new BSP governor was long in coming. Normally, a sitting President of the Philippine Republic will already announce who the next BSP governor will be months or at least a month before the current governor’s term expires to calm financial markets and ensure financial stability. According to the PCO, Remolona will “bring a wealth of expertise to his new role” as BSP chief. President Ferdinand R. Marcos Jr. has taken his time in choosing the next BSP governor and had to consult with the Department of Finance, other agencies and the banking sector. Remolona will take his oath of office on July 3 and will serve for a term of six years as BSP's seventh governor since the New Central Bank Act of 1993 was enacted to replace the old Central Bank of the Philippines. The incoming BSP governor has worked for the Bank for International Settlements (BIS) for 20 years, both in Basel, Switzerland and Hong Kong BIS offices, and 14 years at the Federal Reserve Bank of New York. He also had World Bank experience in his earlier days as financial sector economist. He was the Director of Central Banking and a Professor of Finance at the Kuala-Lumpur-based Asia School of Business, which was established in 2015 as a partnership between Bank Negara Malaysia and the MIT Sloan School of Management. Remolona taught at Williams College, Columbia University, and New York University in the US, as well as at the University of the Philippines. He holds a Ph.D. in economics from Stanford University and received his undergraduate degree from the University of Ateneo de Manila. Before his post as Monetary Board member, he was independent director of Bank of the Philippine Islands, the banking arm of the Ayala Group of Companies. Based on his latest biodata, Remolona has “extensive policy and operational experience in central banking, economic policy, international finance and financial markets”. He served as the BIS regional head for Asia and the Pacific with an annual budget of $30 million, as per his resume. He has worked closely with 12 central bank governors as BIS official on issues such as financial stability and capital market development, while overseeing BIS asset management for Asia-Pacific central banks. While in BIS from 2008 until 2018, he has also led and organized “Governor-level meetings” for central banks and “provided specialized financial services to central banks and governments in the region.” Meanwhile, during his stint as economist and division chief at the Federal Reserve Bank of New York in 1993 until 1999, he conducted pre-Federal Open Market Committee briefings, assessed debt crisis, and analyzed country risks.