“What wonderful recognition! So grateful to Global Finance and to Team BSP. This will inspire us to work even harder to serve the Filipino people,” Remolona said in a statement following the recognition.
Global Finance’s annual report assesses central bank governors from nearly 100 countries, territories and districts, with ratings ranging from “A+” for excellent to “F” for failure. The assessment considers inflation control, economic growth, currency stability, interest rate management and political independence.
The BSP said the recognition reflects its efforts to maintain price and financial stability and support an efficient payments and settlements system.
Remolona’s three-peat comes as the longtime central banker, who has extensive experience at the Bank for International Settlements and the Federal Reserve Bank of New York, has faced criticism.
The BSP chief’s remarks at a 27 August Senate panel, where he called Filipinos “mayabang” (boastful) in discussing the country’s “consumption culture,” became the subject of online criticism.
BDO Capital and Investment Corp. president Ed Francisco came to Remolona’s defense, noting that the BSP chief may have been taken out of context.
“I think Governor Eli was just taken out of context. [Our consumption] was really something to be proud of, right? Because that kept us resilient the last few years,” he said.
“When other countries were having their hiccups, we were continuing to grow at 5-6 percent the last few years because of the consumption. Yes, our savings have not been as good, but then consumption is key.”
Remolona also drew flak in late May following comments regarding the local currency’s decline at the time, maintaining the central bank’s hands-off approach toward the peso amid reports that the currency could slide to P63.50.
Maharlika Investment Corp. independent director Stephen Cuunjieng defended Remolona, calling him “the most qualified central bank governor we’ve ever had.”
“What [Remolona]’s basically saying [is] we have to live with it trading within a range, which is what we do when it’s market forces,” he said.
“And when there’s excessive speculation up or down, we will smooth it. That’s all he said. He didn’t say, ‘I want P63.50.’ Read it.”
The BSP has hiked interest rates thrice since the onset of the Gulf conflict in March.
