Two economic managers have thrown their support behind incoming Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, citing his vast experience as a valuable asset in achieving the central bank's objectives amid the challenges posed by a fast-evolving global landscape. Finance Secretary Benjamin E. Diokno said Remolona, 70, is a highly regarded economist and banking executive at home and abroad given his combined 33 years at the Federal Reserve Bank of New York and the Bank for International Settlements. “Monetary policy is his life,” said Diokno when asked by reporters about Remolona. This is not the first time Remolona will be stepping into the role vacated by outgoing BSP Governor Felipe M. Medalla. In August 2022, he was appointed, upon the recommendation of Diokno, to take over Medalla's Monetary Board seat after the latter was appointed as central bank governor. To recall, Medalla had taken over the unfinished term of Diokno, who had to step down from his post as BSP governor after being appointed as the Finance Secretary by President Marcos. Remolona and Diokno have a professional working relationship, as they both taught at the University of the Philippines’ School of Economics. “He will do well, he knows the job because he used to advise central bankers around the Asia Pacific. He’s cerebral,” Diokno said. The finance chief also said Remolona served as an economist at the Presidential Economic Staff and Development Management Staff under Alejandro Melchor, then executive secretary of former president Ferdinand E. Marcos Sr. Before joining the BSP, he served as an Independent Director of the Bank of the Philippine Islands and the Chair of the Risk Management Committee. He was also a Professor of Finance and the Director of Central Banking at the Asia School of Business in Kuala Lumpur, a collaboration with the MIT Sloan School of Management. Meanwhile, Budget Secretary Amenah F. Pangandaman said Romolona’s extensive experience in both private and international banking will certainly be of great value to the BSP. "My heartfelt congratulations to newly appointed BSP Governor Eli Remolona,” said Pangandaman, who was also a former BSP assistant governor. “The fact that he was also part of the economic mission led by Nobel Prize winner Paul Krugman and Susan Collins of the Boston Fed to advise the Philippine government on structural reforms also guarantees that he has a deeper insight into how best to lead the BSP,” she added. “I look forward to working with him in ensuring that we stay on track with our Agenda for Prosperity,” the budget chief concluded.