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The Presidential Communications Office announced Friday the appointment of Monetary Board member Eli Remolona as the new governor of the Bangko Sentral ng Pilipinas (BSP).

The six-year term of a BSP Governor, held by Governor Felipe Medalla, will end on July 2.

''After extensive consultations with the Department of Finance, various government offices, private banks and financial institutions, President Ferdinand Marcos Jr. has made the decision to appoint a new Governor to succeed Governor Medalla,'' said PCO.

Remolona was appointed to the Monetary Board on August 2022 by Marcos to serve the remaining term of Medalla, who was named BSP governor.

''As the newly appointed governor, Mr. Remolona is expected to leverage his extensive knowledge and experience to guide the BSP in promoting financial stability, implementing effective monetary policies, and fostering a robust banking sector,'' PCO said.

''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,'' PCO added.

Remolona worked for 14 years at the Federal Reserve Bank of New York, followed by 19 years at the Bank for International Settlements (BIS). During his time at the BIS, he served as the regional head for Asia and the Pacific, where he collaborated with the governors of 12 leading central banks in the region.

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.

Remolona was chief representative for Asia and the Pacific at the BIS.

He began in 1972 as an economist at the Presidential Economic Staff and Development Management Staff, under Alejandro Melchor, then Executive Secretary of President Ferdinand Marcos. He also joined a high-level economic mission to the Philippines, advising President Ferdinand E. Marcos on structural reforms. DMS