Economic managers welcome Remolona’s appointment at BSP

MANILA, Philippines — The economic team of the Marcos administration led by Finance Secretary Benjamin Diokno expects continuity at the Bangko Sentral ng Pilipinas (BSP) with a banker of international stature at its helm.

Diokno, who was central bank chief during the Duterte administration, welcomed the appointment of Monetary Board member Eli Remolona as the next chief monetary and banking regulator.

Diokno did not say whether Remolona was among the names he endorsed to President Marcos but the Malacañang statement on Friday noted “extensive consultations” with the Department of Finance (DOF).

Remolona will replace Felipe Medalla whose term expires on July 2.

“Monetary policy is his life. He used to advise central bankers around Asia Pacific so he knows his job,” Diokno told reporters.

Diokno was referring to Remolona’s 19-year stint with the Bank for International Settlements where he collaborated with the governors of 12 leading central banks in Asia and the Pacific.

“He can definitely do it (serve as BSP chief),” Diokno said.

Diokno noted that he “more or less” shares the same views as Remolona in the seven-man Monetary Board, which exercises the powers and functions of the central bank.

Meanwhile, Budget Secretary Amenah Pangandaman said Remolona’s extensive experience in both private and international banking will be of great value to the BSP.

“The fact that he was also part of the economic mission led by Nobel Prize winner Paul Krugman and Susan Collins of the Boston Fed to advise the Philippine government on structural reforms also guarantees that he has a deeper insight into how best to lead the BSP,” Pangandaman said.

“I look forward to working with him in ensuring that we stay on track with our agenda for prosperity,” she said.

On the other hand, Diok-no said the appointment of the remaining members of the Monetary Board will be announced in the coming days.

With Remolona’s appointment, the Monetary Board will have three vacant seats as the terms of Medalla, Peter Favila and Antonio Abacan Jr. expire.

Bruce Tolentino and Anita Linda Aquino continue to serve the remainder of their six-year term.