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Manila Bulletin devider Business devider The Economy devider BSP chief Remolona sees President Marcos rejecting economic team resignations, cites their professionalism

BSP chief Remolona sees President Marcos rejecting economic team resignations, cites their professionalism

Published May 23, 2025 11:27 am  |  Updated May 23, 2025 02:01 pm

At A Glance

  • Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. expects President Ferdinand Marcos Jr. to reject the resignations of the economic team, arguing that the President's dissatisfaction was not directed at the team, which he says operates very professionally.
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. expects President Ferdinand Marcos Jr. to reject the resignations of the economic team, arguing that the President’s dissatisfaction was not directed at the team, which he says operates very professionally.
This came after the President, on Thursday, May 22, ordered all his Cabinet secretaries to step down from their posts so he could review their performance during the first half of his term and recalibrate his administration.
“I think the President just wants to have a freer hand and maybe review the performance of his Cabinet," Remolona said during a press briefing on Friday, May 23.
“But I expect that most of them will be reappointed or their resignations will not be accepted— most of them,” Remolona continued, referring first to all Cabinet secretaries.
According to the central bank governor, President Marcos’ dissatisfaction was dominantly coming from the political side, citing the economic team’s high level of professionalism.
“I think it’s more political than economic. The economic team is very professional,” Remolona said.
“They’ve been doing all the right things. I expect most of them, or all of them—their resignations —will not be accepted,” he further said.
Remolona believes that the government has “the right policies. We’re looking at the right things.”
But despite the soundness of these economic policies, the central bank chief, citing Finance Secretary Ralph G. Recto, said the national government has to “execute better. We have to spend better.”
On the same day as the President’s order, 33 officials had tendered their resignations, while six others had expressed their willingness to comply with the directive.
For the economic team, Recto and Budget Secretary Amenah F. Pangandaman had already turned in their courtesy resignations in support of the President’s decision. National Socioeconomic Planner Arsenio M. Balisacan had also expressed intent to step down if President Marcos believes another individual can perform better in driving the country’s development goals.

Related Tags

Bangko Sentral ng Pilipinas (BSP) Eli Remolona Jr. Ralph G. Recto Amenah F. Pangandaman Arsenio M. Balisacan Department of Finance (DOF) Department of Budget and Management (DBM)
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