Newly-appointed Bangko Sentral ng Pilipinas Governor Eli Remolona said Monday he will continue the priorities that bore fruit under the leadership of outgoing Governor Felipe Medalla, and even work harder to do better during his term.
Remolona underscored during the turnover ceremony two points in his speech: pagpapatuloy and pagpapabuti (continuation and improvement), saying Medalla’s “resolute leadership during trying times” allowed the BSP to find solid ground for the country’s post-pandemic recovery.
“And on this ground we can continue to build… Together we must build on the progress we have already made. Inflation has finally started to come down as Gov. Philip explained. And if our models are right, we should be back in our target range even by the end of this year,” Remolona said.
He said the banking system remained strong and their capital and liquidity are more than adequate.
“That’s why, in recovering from the pandemic, our banks have been a source of strength, unlike in previous crises, when they were a source of weakness. The plumbing of our system—our payments and settlement system—has increasingly become digitalized and efficient. We are delivering greater and greater access to financial services for our people,” he said.