Atin Ito First Filipino Community Newspaper in Ontario
Seamless transition engenders stability – and this has been the hallmark of leadership at the Bangko Sentral ng Pilipinas (BSP) since its inception in 1993 by virtue of Republic Act 7653 or the New Central Bank Act of 1993. The law follows the mandate of the Philippine Constitution of 1987 on the establishment of an independent central monetary authority. The appointment of Eli M. Remolona as new BSP Governor ensures continuity and enhances institutional stability. He succeeds Felipe M. Medalla, who had served as Monetary Board member since 2012 and whose predecessor, Finance Secretary Benjamin E. Diokno had served as budget secretary under three presidents. The new governor was appointed by President Ferdinand R. Marcos, Jr., as Monetary Board member in August 2022.
Then BSP Governor Diokno succeeded Nestor Espenilla, a career central banker, who died in office in 2019 after being appointed in 2017. Previously, Amando S. Tetangco served two terms under three Presidents, namely, Gloria Macapagal Arroyo, Benigno S. Aquino III, and Rodrigo R. Duterte. Governor Tetangco’s predecessors – Rafael Buenvaventura and Gabriel Singson – also served full six-year terms. Governor Singson, who was appointed by President Fidel V. Ramos, finished his term during President Joseph Ejercito Estrada’s administration.
Newly-appointed Governor Remolona, who also becomes chairman of the Monetary Board, brings to the job sterling credentials. He worked for the Bank for International Settlements (BIS) for 19 years and 14 years at the Federal Reserve Bank of New York. He also worked as financial sector analyst at the World Bank. He was also the director of Central Banking and a professor of Finance at the Kuala Lumpur-based Asia School of Business, which was established in 2015 as a partnership between Bank Negara Malaysia and the MIT Sloan School of Management.
His academic credentials are impeccable. He taught at Williams College, Columbia University, and New York University in the U.S., as well as at the University of the Philippines. He holds a Ph.D. in economics from Stanford University and received his undergraduate degree from the University of Ateneo de Manila. Also a product of public schools, he graduated valedictorian from V. Mapa High School.
Before his appointment as Monetary Board member in August 2022 vice Medalla, he was an independent director at the Bank of the Philippine Islands. Thus, his biodata cites his “extensive policy and operational experience in central banking, economic policy, international finance and financial markets.”
Leaders of the business and academic communities have signified their enthusiastic support for the new governor, expressing confidence in his stewardship owing to his vast experience and excellent credentials. Together with the Monetary Board, he is expected to steer the country’s economy on an even keel amid global turbulence and uncertainties.
Equally important stakeholders are those who are struggling at the bottom of the pyramid – the most economically challenged members of our society who require adequate social protection – an outcome that could be attained through the BSP’s skillful deployment of appropriate fiscal and monetary tools.
We join the nation in wishing our new BSP Governor Eli M. Remolona a fruitful and beneficial tour of duty.
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Credit belongs to : www.mb.com.ph
