Marcos names Eli Remolona Jr as new BSP governor

President Ferdinand “Bongbong” Marcos Jr. has apppointed Eli M. Remolona Jr., a member of the Monetary Board, as the seventh governor of the Bangko Sentral ng Pilipinas (BSP).

Bilyonaryo.com earlier reported about the possible appointment of Remolona as the next central bank chief as he was spotted with Marcos Jr.’s economic team during an investor roadshow in Singapore.

Remolona joined the BSP’s policy-making body on August 18 of the previous year, taking over the remaining term of outgoing member Felipe M. Medalla, who was subsequently appointed on June 30, 2022.

Medalla, who has served as the sixth governor of the BSP for a year, will officially retire on July 3. Prior to his governorship, Medalla had an impressive 11-year tenure on the Monetary Board.

Remolona brings a formidable wealth of experience to his new role.

Having spent two decades at the Bank for International Settlements (BIS) in various capacities, including stints at both the Basel and Hong Kong offices, Remolona is well-versed in the intricacies of global finance. Furthermore, his 14-year tenure at the Federal Reserve Bank of New York has undoubtedly honed his expertise in monetary policy and central banking.

He has also contributed to the World Bank as a financial sector economist earlier in his career, further enhancing his comprehensive understanding of the global financial landscape.

Remolona’s professional journey led him to assume key positions of influence in the academic realm as well. He served as the Director of Central Banking and held the esteemed title of Professor of Finance at the Asia School of Business, located in Kuala Lumpur.

ALSO READ: The next BSP guv? Monetary Board’s Eli Remolona joins economic team in Singapore

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