Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla completes today 12 years of service in the Monetary Board and as head of the country’s central monetary authority. In a statement last May — after Fitch Ratings revised from negative to stable its evaluation of the country’s BBB credit rating — Governor Medalla remarked: “(T)he central bank’s exceptional and timely actions, which include aggressive monetary tightening and the previous temporary financing to the government during the pandemic, have not resulted in adverse side effects on the stability of the financial system.”
In fact, Fitch forecasts a medium-term domestic output of over six percent, which, it said, is “considerably stronger than the ‘BBB’ median of three percent.” While noting that the pace of the country’s post-pandemic recovery was slowing down, it noted that“ ongoing reforms to the business environment and investment regulations create upside potential for growth.”
President Ferdinand R. Marcos, Jr. thanked Governor Medalla for having served as the first BSP Governor during his administration. He cited the BSP’s efforts to reduce inflation and carry on reforms designed to achieve price stability, as well as the efficiency of the country’s payments and settlements system.
Such favorable assessment of the BSP’s stewardship of monetary policy reflects steady leadership on the part of the outgoing Governor who, since 2011, had served, too, with distinction as a Monetary Board (MB) member. His successor, new BSP Governor Eli M. Remolona takes on this crucial post with ample reserves of public goodwill and approbation. Indeed, the BSP during Governor Medalla’s one year leadership stint — and 11 years as MB member — has been well served.
Governor Medalla has served under four Presidents. First, he served as Socio-Economic Planning secretary and director-general of the National Economic and Development Authority (NEDA) under President Joseph Ejercito Estrada. President Benigno S. Aquino III then appointed him as Monetary Board member in 2011. He was reappointed to another six-year term by President Rodrigo R. Duterte. Then last year, he was tapped by President Marcos to succeed Benjamin E. Diokno to the BSP top post following the latter’s appointment as Finance Secretary.
His academic credentials are impeccable: Ph.D. in Economics from Northwestern University in Evanston, Illinois and M.A. in Economics from the University of the Philippines. A certified public accountant, he graduated cum laude from De La Salle University with an economics-accounting degree. He served as dean of the UP School of Economics. He taught at the UP School of Economies for two decades and served as its dean in 1994-1998 prior to his appointment to President Estrada’s Cabinet.
To have been appointed to senior government positions by four Presidents of the Philippines reflects the high regard for Governor Medalla’s professional qualifications and lofty stature as an economic manager of exceptional ability.
For distinguished service as BSP Governor and Monetary Board member for the past 12 years, Felipe M. Medalla merits gratitude and recognition from the Filipino people.