President Marcos impressed by Remolona’s credentials?

President Ferdinand R. Marcos Jr. seemed to be impressed by the exceptional qualifications of the seventh governor of the Bangko Sentral ng Pilipinas (BSP).

This appears to be the situation with regard to BSP Governor and Monetary Board Chairman Eli M. Remolona, as he recently disclosed that he underwent no interview with Marcos throughout the entire selection process.

As last Friday's weekly Chat with SBED, hosted by Finance Secretary Benjamin E. Diokno and featuring Remolona as a special guest, reached its conclusion, Department of Finance or DOF reporters took the opportunity to engage in brief discussions with the BSP Governor.

Questions arose regarding the manner in which he obtained his position. In a lighthearted tone, Remolona quipped that his appointment paper had simply been signed by Marcos.

As the short discussion delved further into the selection process for the BSP post, Remolona revealed surprising information: he had never undergone an interview before being informed of his appointment.

The disclosure made by Remolona regarding the absence of an interview during his selection process may not have been entirely unexpected, considering the earlier remarks made by Diokno to his DOF beat reporters.

Diokno, Marcos’ chief economic manager, had previously shared that monetary policy is Remolona's passion and that he possesses a profound understanding of the subject matter.

“He used to advise central bankers around Asia Pacific so he knows his job,” Diokno said.

Remolona and Diokno’s connection goes back to their time as professors at the University of the Philippines School of Economics.

Before assuming his previous role as a member of the Monetary Board in 2022, Remolona established a distinguished career spanning 19 years at the Bank for International Settlements (BIS), renowned as the "bank for central banks."

During that time, Remolona collaborated with the governors of 12 prominent central banks across Asia and the Pacific region, showcasing his extensive experience and expertise in the field.

In addition, Remolona has a notable 14-year tenure at the Federal Reserve Bank of New York.

He also served as a professor of finance and director of central banking at the Asia School of Business in Kuala Lumpur, Malaysia.

Additionally, Remolona has taught at other prestigious institutions overseas such as Williams College, Columbia University, and New York University. 

He earned his PhD in Economics with distinction from Stanford University and obtained his bachelor’s degree in Economics with honors from the Ateneo de Manila University.