Bankers vow to work closely with new BSP chief

MANILA, Philippines — Philippine banks have committed to work closely with newly appointed Bangko Sentral ng Pilipinas Eli Remolona to pursue key initiatives and further strengthen cybersecurity in the banking sector.

The Bankers Association of the Philippines (BAP) and the Bank Marketing Association of the Philippines (BMAP) welcomed the appointment of Remolona as the seventh BSP Governor.

With his extensive global experience and expertise in financial markets and regulations, BAP president Jose Teodoro “TG” Limcaoco said the organization is confident that the new BSP Governor and Monetary Board chairman would “anchor the Philippine banking industry not only towards continuous stability of the financial system, but also to growth and competitiveness in the regional stage.

Remolona, 70, brings with him a wealth of experience in the financial industry in his new role in the BSP, with 14 years in the Federal Reserve Bank of New York and 19 years in the Bank for International Settlements.

“The BAP looks forward to working with incoming Governor Remolona on various initiatives impacting the banking industry and its stakeholders, whether it be in the areas of financial market development, cybersecurity, or sustainability,” Limcaoco said.

BMAP president Mai Gacilo Sangalang said Remolona’s extensive international policy experience in central banking would be a pivotal foundation in propelling the country’s strong and resilient economic growth, ensuring its financial stability and sound economic policy framework.

“The BMAP shall continue its unwavering support to the BSP and incoming Governor Remolona in ensuring the growth and development of the Philippine banking industry by promoting best practices in bank marketing and fostering collaboration among its member banks and industry organizations,” Sangalang said.

She said that Remolona’s appointment ensures that the BMAP’s staunch partnership with the BSP in the areas of financial consumer protection, cybersecurity and consumer-centric marketing would continue and prosper.

Limcaoco, who is also president and CEO of Ayala-led Bank of the Philippine Islands (BPI), said the BAP salutes Felipe Medalla for his steadfast leadership of the financial industry and for laying the foundations to “help our countrymen navigate and address their financial needs during this time of global challenges and uncertainties.”

“Dr. Medalla ascended in his role as BSP governor in a period wherein the economy is facing various macroeconomic headwinds. We applaud Dr. Medalla for steering monetary policy towards achieving the twin goals of promoting economic growth and price stability,” Limcaoco said.

Limcaoco said  Medalla is notably a pillar of a strong and resilient Philippine banking system not only for his term as BSP Governor but also for his 12 years as part of the seven-member Monetary Board.

Medalla, a seasoned economist and educator whose career spans more than four decades and four administrations, was appointed to the Monetary Board in July 2011 by the late president Benigno Aquino III and reappointed to a second term in July 2017 by former president Rodrigo Duterte.

Medalla, who also served as Socioeconomic Planning Secretary and director general of the National Economic and Development Authority (NEDA) during the term of president Joseph Estrada, was named BSP governor in June last year replacing former central bank governor Benjamin Diokno who was appointed Secretary of the Department of Finance.

Both Medalla and Diokno served the unexpired term of the late BSP governor Nestor Espenilla Jr. who succumbed to cancer in February 2019.

“I am honored to turn over the reins of the institution to my Monetary Board colleague Eli Remolona who is fully capable of leading the central bank in pursuing its mandates of promoting price and financial stability, and a safe and efficient payments and settlements system,” Medalla said in a statement.