MONETARY EXPERT NOW STEERS THE BSP

By July Rada

HE IS soft-spoken, reserved and a Renaissance man of sorts. People at the Bangko Sentral ng Pilipinas know him as the Stanford guy, whose quietude reveals his cerebral side.

To the public, he is a seasoned international banker who is the perfect fit as the seventh BSP governor, given his vast experience in central banking.

In his private time, he is an adorable grandfather to five boisterous grandkids from two sons who are based in the US.

He dearly misses his grandkids, since it has been months when he last saw the eight-yearold and three-year-old boys who live in Chicago and Philadelphia. It was always a riot when the grandkids met together, he recalls.

“They’re a bunch of rambunctious kids but gwapo [handsome] like their lolo,” he told a group of journalists over dinner Wednesday night.

Remolona, a member of the policy-setting Monetary Board since August 2022, rose to prominence when he accepted the offer of President Ferdinand Marcos Jr. to head the bank upon the conclusion of former BSP governor Felipe Medalla’s term on June 3, 2023. Medalla served the final year of the dix-year term of the late BSP governor Nestor Espenilla Jr.

Education, accolades valedictorian from V. Mapa High School, one of the oldest public schools in the Philippines.

Available information on the BSP website showed that Remolona served as an independent director of Bank of the Philippine Islands where he chaired its risk management committee.

While numerous accomplishments adorned his public and professional life, his most rewarding achievement is him as a family man, he said.

A challenging year

The BSP survived 2022, a year full of extreme challenges highlighted by elevated inflation, higher interest rates, persistent COVID-19 pandemic and the spiraling impact of the continuing geopolitical crisis between Russia and Ukraine.

It managed to ensure the uninterrupted supply of money across the country, kept the banking system strong and stable, made the financial system more inclusive and battled record-high inflation.

During Medalla’s term, the BSP raised the policy rates by a total of 350 basis points on top of the 75 bps already taken before he became governor.