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September 24, 2023

Economic managers commend appointment of Remolona as BSP chief

Economic managers under the Marcos administration, including Finance Secretary Benjamin Diokno, express optimism and anticipate continuity at the Bangko Sentral ng Pilipinas (BSP) with the appointment of Eli Remolona as the next chief monetary and banking regulator.

According to Finance Secretary Benjamin Diokno, Remolona’s extensive experience in advising central bankers across the Asia Pacific region during his 19-year tenure at the Bank for International Settlements.

The posting saw Remolona collaborate with governors of prominent central banks, demonstrating his expertise in monetary policy, making him well-suited for the role of BSP chief, according to Diokno.

Meanwhile, Budget Secretary Amenah Pangandaman also emphasizes Remolona’s valuable background in private and international banking.

She also cited his involvement in advising the Philippine government on structural reforms alongside renowned economists, such as Nobel Prize winner Paul Krugman and Susan Collins of the Federal Reserve Bank of Boston, which further enhances his understanding of effective leadership for the BSP.

Remolona, a Monetary Board member, will replace Felipe Medalla, whose term is set to expire on July 2.

The appointment of the remaining members of the Monetary Board will be announced soon, leaving three vacant seats as the terms of Medalla, Peter Favila, and Antonio Abacan Jr. come to an end.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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