Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla bid President Ferdinand Marcos, Jr. farewell after serving for one year under the news administration.
In the report from the Presidential Communications Office, President Marcos extended his gratitude to the outgoing BSP governor for his contribution to the effective response on inflation, reform to ensure price and monetary stability, and payment and settlement system.
Medalla is the first BSP Chief under the Marcos administration, after the former BSP Governor Benjamin E. Diokno was appointed as secretary of Finance. His term is supposed to expire at the end of this month.
In a statement from BSP, Medalla said, "I am grateful to the President for having given me the chance to serve as BSP Governor, which is, by far, the best opportunity that I have received to truly make an impact and serve the Filipino people. I am honored to turn over the reins of the institution to my Monetary Board colleague Eli Remolona who is fully capable of leading the central bank in pursuing the mandates of promoting price and financial stability, and a safe and efficient payments and settlements system."
Medalla will be replaced by Monetary Board Member (MBM) Eli M. Remolona as 7th Governor of BSP and will serve as BSP Governor for a six-year term and Chair of Monetary Board as confirmed by the Presidential Communications Office.
Remolona has an impressive career before landing BSP Governorship. He worked at the Federal Reserve Bank of New York for 14 years and spent 19 years at Bank for International Settlement. He also taught Finance and served as director of Central Banking at Asia School of Business in Kuala Lumpur, with collaboration with MIT Sloan School of Management, among other his academic and professional qualifications.
In a news release, PCO wrote, "His appointment ushers in a new era for the central bank, with great anticipation and confident in his stability to steer the Philippine economy toward sustained growth and stability"