The Bankers Association of the Philippines (BAP) has expressed confidence that the international experience of the incoming Bangko Sentral ng Pilipinas (BSP) Governor will boost competitiveness of the local banking industry.
The BAP welcomed the appointment of Remolona and said it looked forward to working with him on various initiatives such as market development, cybersecurity, and sustainability.
House Committee on Ways and Means Chairman Joey Sarte Salceda of Albay congratulated Monetary Board member Eli Remolona for his appointment as Governor of the BSP once Medalla’s term expires this July 2. “The market will most likely test the new Governor’s policy direction and will once he takes over on July 2. I also expect policy continuity from the highly successful balancing act of Governor Medalla to protect the peso without exhausting our gross international reserves,” he said.
Before moving to the BSP, Remolona served as an independent director of the Bank of the Philippine Islands and chairman of its risk management committee. “As a side note, the BSP governorship returns to Ateneo with Dr. Remolona’s appointment. The last instance that was the case, we had Dr. Amando Tetangco, who is widely regarded as the best central banker in Asia during his time,” Salceda noted.
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