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Press Release June 23, 2023

Statement on the appointment of Eli Remolona as BSP Governor

The Bankers Association of the Philippines (BAP) welcomes the appointment of Eli Remolona, a Monetary Board member, as the new Governor of the Bangko Sentral ng Pilipinas (BSP).

Dr. Remolona brings with him a wealth of experience in the financial industry in his new role in the BSP with 14 years at the Federal Reserve Bank of New York and 19 years at the Bank for International Settlements.

“With his extensive global experience and expertise in financial markets and regulations, we are confident that Dr. Remolona will anchor the Philippine banking industry not only towards continuous stability of the financial system but to growth and competitiveness in the regional stage,” Jose Teodoro K. Limcaoco, President of BAP, said.

“The BAP looks forward to working with incoming governor Remolona on various initiatives impacting the banking industry and its stakeholders, whether in the areas of financial market development, cybersecurity or sustainability,” Limcaoco added.

The BAP likewise salutes Felipe Medalla for his steadfast leadership of the financial industry and for laying the foundations to help our countrymen navigate and address their financial needs during the time of global challenges and uncertainties.

“Dr. Medalla ascended in his role as BSP Governor in a period wherein the economy is facing various macroeconomic headwinds. We applaud Dr. Medalla for steering monetary policy towards achieving the twin goals of promoting economic growth and price stability,” Limcaoco said.

“Dr. Medalla is notably a pillar of a strong and resilient Philippine banking system not only for his term as BSP Governor, but also for his 12 years of service in the Monetary Board. The BAP wishes him the very best in his future endeavors,” Limcaoco added.