Eli Remolona

Eli Remolona became Governor of the Bangko Sentral ng Pilipinas (BSP) in July 2023, bringing a distinguished international career that included over two decades at the Bank for International Settlements (BIS) in Basel, where he served as Chief Representative for Asia and the Pacific. His deep expertise in international finance and central bank cooperation is rare among BSP governors. Remolona took office during a challenging period for emerging market central banks. The Philippine peso had weakened significantly against the dollar, food prices were driving headline inflation above the BSP's 2-4% target band, and the economy was navigating post-COVID recovery amid global monetary tightening. He maintained the BSP's hawkish stance with the policy rate at 6.5% — a 17-year high — before beginning a cautious easing cycle. The Philippines' unique economic structure adds complexity to his task: the economy is heavily dependent on overseas worker remittances (roughly 10% of GDP), making it sensitive to global labor market conditions and dollar strength. His rate decisions shape Philippine government bond yields, peso exchange rate dynamics, and the cost of credit in an economy where financial deepening is still underway. As a former BIS official, Remolona brings credibility with international investors that helps anchor foreign portfolio flows into Philippine sovereign debt.