President Ferdinand R. Marcos Jr. has appointed Monetary Board member Eli Remolona as the new governor of the Bangko Sentral ng Pilipinas (BSP).
In a statement issued on Friday, the Presidential Communications Office (PCO) said Remolona was appointed to his position due to “his extensive experience and remarkable achievements in central banking, economic policy, international finance, and financial markets.”
“After extensive consultations with the Department of Finance, various government offices, private banks and financial institutions, President Ferdinand R. Marcos Jr. has made the decision to appoint a new Governor to succeed Governor [Felipe] Medalla,” PCO said.
Medalla will be ending his term on July 2, 2023.
Prior to his new appointment, Remolona served as a Member of the Monetary Board of the BSP since August 2022.
He also worked at the Federal Reserve Bank of New York and at the Bank for International Settlements.
Remolona also served as a Professor of Finance and Director of Central Banking at the Asia School of Business in Kuala Lumpur, in collaboration with the MIT Sloan School of Management from 2019 to 2022, as well as Associate Editor for Finance of the International Journal of Central Banking from 2005 to 2022.
“His appointment ushers in a new era for the central bank, with great anticipation and confidence in his ability to steer the Philippine economy toward sustained growth and stability,” the PCO statement read.