Dr eli remolona biography of michael jordan

President Ferdinand Marcos Jr. has appointed Eli Remolona, a member of the Monetary Board with extensive experience in international banking and finance, to replace Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, whose term ends on July 2.

“With his extensive experience and remarkable achievements in central banking, economic policy, international finance, and financial markets, Mr.

Remolona brings a wealth of expertise to his new role,” the Presidential Communications Office (PCO) said in its announcement.

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The PCO said the appointment was made after extensive consultations with the Department of Finance, various government offices, private banks and financial institutions.

The Bankers Association of the Philippines welcomed Remolona’s appointment.

“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 also to growth and competitiveness in the regional stage,” Jose Teodoro K. Limcaoco, President of BAP, said.

Rizal Commercial Banking Corp, chief economist Michael Ricafort said this was a “welcome development for the markets and economy.”

Given his international experience, track record and reputation in central banking in developed countries, his appointment would bring a more international perspective and the adoption of more global best practices, Ricafort said.

Ricafort added that the most important priorities of the next BSP governor would be stable prices or inflation and the peso.

Budget Secretary Amenah Pangandaman said: “The fact that he was also part of the economic mission led by Nobel Prize winner Paul Krugman and Susan Collins of the Boston Fed to advise the Philippine government on structural reforms also guarantees that he has a deeper insight into how best to lead the BSP.

I look forward to working with him in ensuring that we stay on track with our Agenda for Prosperity.”

Remolona’s career includes 14 years at the Federal Reserve Bank of New York, followed by 19 years at the Bank for International Settlements (BIS).

During his time at the BIS, he served as the regional head for Asia and the Pacific, where he closely collaborated with the governors of 12 leading central banks in the region.

(See full story online at manilastandard.net)

He served the last year of the six-year term of the late BSP Governor Nestor Espenilla Jr. who died in February 2019 from cancer after serving for almost two years.

The current Finance Secretary Benjamin Diokno succeeded Espenilla and served for three years.

House Ways and Means Chair and Albay Rep.

Joey Sarte Salceda on Friday congratulated Remolona on his appointment, calling it “welcome news.”

Salceda said that “the appointment of Dr. Remolona should also signal the country’s keenness on certain recent developments in central banking, such as digital central bank currencies and de-dollarization. Later collaborations, such as the 2019 paper "The Rise of Benchmark Bonds in Emerging Asia" with James Yetman, explored the emergence of liquid benchmark securities in Asian sovereign debt markets, arguing that de jure designations by governments foster deeper investor participation and reduce borrowing costs.^[47] These contributions have been cited for advancing understanding of how institutional features shape bond liquidity in developing regions.^[48]More recent research themes extend to central bank operations amid global shifts, including economic fragmentation and digital innovation.

He highlighted threats to independence in other jurisdictions, notably expressing concern in 2025 over potential politicization of the U.S. Federal Reserve under political influences, describing it as a "big threat" to global central banking norms that could encourage similar erosions elsewhere.^[41] In his view, orthodox monetary tightening—prioritizing inflation control through rate hikes during demand or supply-driven pressures—promotes economic stability by anchoring expectations, as evidenced by the Bangko Sentral ng Pilipinas' actions amid post-pandemic recovery, where independence enabled decisive policy without fiscal overrides.

in economics from Stanford University, Eli Remolona entered the Federal Reserve Bank of New York (FRBNY) as a research officer, marking the start of his professional career in central banking research.^[14] His tenure there spanned 14 years, approximately from the mid-1980s to 1999, during which he focused on empirical analysis of financial markets to inform monetary policy operations.^[14][15]At the FRBNY, Remolona contributed to understanding U.S.

Treasury securities dynamics, co-authoring key studies on price formation and liquidity in response to publicinformation releases.^[16] His research examined factors driving sharp price movements in the bond market, such as order imbalances and trading volume during high-volatility episodes in the 1990s, providing evidence that public announcements often triggered initial liquidity evaporation followed by rapid adjustments.^[17] He also analyzed the explosive growth of financial derivatives markets in the early 1990s, attributing it to hedging demands amid volatile interest rates and attributing reduced systemic risks through better risk dispersion, though warning of potential leverage amplification in crises.^[18]Remolona's work extended to competitive dynamics in lending markets, where he assessed how finance companies eroded traditional bank niches in the 1980s by offering specialized, higher-rate loans to riskier borrowers, influencing FRBNY views on non-bank intermediation's role in monetary transmission.^[19] Additionally, he explored mutual fund flows' sensitivity to market returns, highlighting procyclical behaviors that could exacerbate asset price swings and inform policy on investor herding risks.^[20] These efforts built foundational expertise in market microstructure and emerging economy spillovers, as seen in his pre-BIS analysis of Asia's 1997 financial crisis, emphasizing contagion via risk premia in bond yields.^[21]

Bank for International Settlements positions

He joined the BIS in 1999 and for six years served as Head of Financial Markets and Editor of the BIS Quarterly Review in Basel, Switzerland. As regional head for the BIS, he leads a 35-person team in Hong Kong and is responsible for all BIS business and activity in the Asia-Pacific region, including research, high-level meetings and financial services for central banks and governments.

Until September 2008, Eli was Head of Economics for Asia and the Pacific. He has been a Monetary Board member since 2011. We were able to withstand the global tide of Fed hikes, investor uncertainty, and global market disruption because of his skillful steering of the BSP.”

Salceda said “there are challenges for Dr. Remolona to address the moment he takes over.”

“Dr.

Remolona will serve the remainder of the unexpired term of Governor Medalla, that is until 2023, following the latter’s appointment as head of the country’s monetary authority. In a July 28, 2025, interview, he stated, "Wherever the central bank loses its independence, regardless of fiscal policy, it leads to high inflation," drawing on historical patterns observed across economies where political interference compromises monetary autonomy.^[40] This perspective aligns with cross-country empirical evidence, such as studies showing that greater central bank independence correlates with lower average inflation and reduced variability, as seen in advanced and emerging markets from the 1980s onward, though Remolona emphasizes causal links from independence to price stability over mere correlations.Remolona has critiqued scenarios resembling fiscal dominance, where government borrowing pressures central banks to monetize debt, warning of long-term inflationary risks that undermine credibility.

Before that, he was Research Officer of the Federal Reserve Bank of New York, where he worked for 14 years. This evaluation criteria emphasize empirical performance metrics such as inflation control and economic resilience.^[66]Remolona earned the same A- grade in the 2025 edition, marking a rare consecutive high achievement among central bank governors worldwide, as only a select few maintained top-tier ratings across years amid global volatility.^[67][68] The sustained rating underscores consistent supervisory effectiveness and low inflation persistence under his tenure.^[4]As Chairman of the Anti-Money Laundering Council (AMLC), Remolona oversaw efforts culminating in the Philippines' delisting from the Financial Action Task Force (FATF) grey list on February 23, 2024, a milestone affirming strengthened compliance and risk-based supervision.^[69] This outcome reflected targeted reforms in anti-money laundering measures, earning implicit recognition through international validation of the program's efficacy.^[70]Remolona's roles within the Executives' Meeting of East Asia-Pacific Central Banks (EMEAP), including contributions to regional monetary policy coordination, further highlight his professional standing, as evidenced by his profiled leadership in cross-border financial stability initiatives.^[1]

Influence on Asian and global central banking

at World Economic Forum Annual Meeting 2024][float-right]During his tenure at the Bank for International Settlements (BIS) from 1999 to 2015, Eli Remolona advanced research on emerging market financial dynamics, particularly in Asia, which informed regional central banking strategies for stability. 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 added.

Salceda thanked Medalla “for his outstanding performance as BSP governor during immensely difficult times.”

“Governor Medalla’s stint in the BSP was extremely successful, judging by the challenges he has had to surmount and the outcomes of his decisions.

His editorship elevated the quarterly publication's rigor, emphasizing data-driven insights into term structures and emerging market vulnerabilities, drawing on quantitative models to link market liquidity to policy transmission.^[22]From 2008 to 2018, Remolona relocated to Hong Kong as Chief Representative for Asia and the Pacific, leading a 35-person team responsible for coordinating BIS activities with regional central banks.^[23] This role positioned him at the nexus of Asia-Pacific financial integration, where he facilitated policy dialogues on cross-border banking risks and regional liquidity frameworks, particularly as globalization amplified spillovers from advanced economies to emerging markets.^[24] Under his leadership, the BIS office advanced research on the expansion of local currency bond markets in emerging economies, analyzing factors like investor demand and regulatory reforms that enhanced market depth and reduced original sin risks—empirical patterns evidenced by rising issuance volumes post-2008.Remolona's BIS tenure emphasized causal linkages between financial infrastructure and stability, with initiatives promoting coordinated surveillance of emerging market bonds and stress-testing protocols among Asian central banks.^[25] These efforts yielded reports quantifying how improved bond market benchmarks mitigated volatility transmission, supporting evidence-based policy harmonization without prescriptive mandates, and laid groundwork for regional mechanisms like the Executives' Meeting of East Asia-Pacific Central Banks.