Eli Remolona appointed as new BSP Governor
On Friday, President Ferdinand Marcos Jr. [link] appointed Eli Remolona as the new Governor of the Bangko Sentral ng Pilipinas (BSP).
Mr. Remolona will replace outgoing Governor Felipe Medalla as the leader of our central bank upon the expiration of Mr. Medalla’s term on July 2.
Mr. Remolona has an extensive resume in central banking, with 14 years at the Federal Reserve Bank of New York, and then 19 years at the Bank for International Settlements.
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It’s a move that our Secretary of Finance, Benjamin Diokno, has been gleefully teasing for weeks.
I did not always agree with Mr. Medalla’s messaging, or with his willingness to openly speculate on possible outcomes of inflation reports, but I can’t argue with the steady job he’s done under very alarming and demanding circumstances. I like how Mr. Medalla objected (initially) to the BSP’s involvement in the Maharlika Fund, but I join others in thinking that this opposition is what ultimately cost Mr. Medalla a shot at staying on for another term.
Mr. Remolona is a long-time friend of the Marcos Family, but he comes with some extremely relevant experience that I hope will help keep the BSP as independent as possible.
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