A few years back an incumbent Governor of the Bangko Sentral ng Pilpinas (BSP) was placed in a very tight position. In one function, this BSP Governor was seated with some local government officials. In the course of exchanging pleasantries, one of the LGU officials asked which province the BSP Governor represents.
Funny as it may seem, this incident prompted me to write this third piece about our newly minted BSP Governor by sharing tidbits of his very persona known only to a few.
Is it serendipity, fate or providence or sheer coincidence?
Was there a cosmic plan working behind this internationally acclaimed regulator, economist, and professor who finally settled home and is now working in a place he admitted was just a dream then?
His first step towards becoming resident of the coveted 501-room in the five-storey building of the sprawling complex of the BSP was on August 18, 2022, not as the usual visitor, but as a distinct member of the Monetary Board (MB), the policy-making body of the BSP.
Yes, most of the avid banking observers and market watchers have been betting it would be only a matter of time that he will be named based on three qualifications. He fits the description to a T – economist, non-private banker, and more importantly with international stature.
Here we go: Meet BSP Gov. Eli Remolona. While he has been an MB member for nearly a year prior to becoming the 501-resident, his international reputation precedes him, but little is known about the man himself.
He’s a relatively simple, no frills kind of man. His daily routine starts with him and his wife, Ms. Marie, taking the early morning walk around the Makati CBD (Central Business District).
The gentleman that he is, Gov. Eli is a bit non-committal, refusing to categorically accept that it was a paradigm shift to have a coterie of security accorded to the position. The couple still does the walking exercise but an hour earlier than usual with their security following behind conspicuously.
He’s a product of a public school, V. Mapa High School, founded in June 1923 by three Americans - John Carl, Sarah M. England and James Burns - with SGV founder the late Washington Sycip, National Artist for Music Levi Celerio, former Supreme Court Justice Artemio Panganiban and former Senate President Arturo M. Tolentino, among its notable alumni.
He described himself as a loving grandfather but his five grandchildren are more elated “jumping up and down” when they see Ms. Marie coming. “I am not strict, I am very good lolo.”
His two sons - Michael, who is based in Chicago, and Joseph, whom the family lovingly calls Pepe, based in Philadelphia, were “so proud” of their father’s “amazing journey.”
Despite being on top of his career as an international regulator (with the Federal Reserve Bank of New York and the Bank for International Settlement), it was his aspiration to one day become a part of the BSP.
In fact, it was not in his wildest dream to become a 501-resident. “It would have been a dream for me, makasali lang sa BSP. I don’t think I would be governor. I was hoping to join in some capacity. I was just so happy being one of the members of the Monetary Board.”
And as the wheels of life churn, it was, indeed, a dream come true for this Stanford PhD economics graduate who never envisioned to be an investment banker but more of a researcher, a policy-maker and a regulator.
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