Remolona faced the difficult task of reining in inflation in an economy still reeling from the effects of the COVID-19 pandemic
Eli Remolona Jr. has notched high marks in his first full year heading the Philippine central bank in its fight to bring inflation back down to its target range, according to Global Finance magazine., Remolona received an “A-” grade, along with 14 other central bankers. Although this was not the highest mark, Remolona’s score matched that ofThe central bank heads of Denmark, India, and Switzerland earned the highest grade of “A+,” while 7 other central bankers received a grade of “A.
Since 1994, Global Finance has annually published the Central Banker Report Cards, evaluating the performance of central bank governors from nearly 100 countries, territories, and districts. These report cards assign grades ranging from “A+” to “F” based on criteria such as inflation control, economic growth targets, currency stability, and interest rate management. An “A” signifies “excellent performance,” while an “F” indicates an “outright failure.”in July 2, succeeding Felipe Medalla. Prior to this, the quiet, seasoned monetary policy expert had been a member of the BSP’s Monetary Board since August 2022.
Remolona, like Medalla and Benjamin Diokno before him, faced the difficult task of reining in inflation in an economy still reeling from the effects of the COVID-19 pandemic. When Remolona entered office in July 2023, inflationin October 2023, with Remolona saying that the central bank “recognized the need for this urgent monetary action.” The BSP then maintained its key policy rate high at 6.5% for nearly 10 months.
“With inflation on a target-consistent path, the current macroeconomic outlook supports a calibrated shift to a less restrictive monetary policy stance,” Remolona said on August 15, adding that the risk-adjusted inflation forecast for 2024 was 3.3%.Lance Spencer Yu is a multimedia reporter who covers the transportation, tourism, infrastructure, finance, agriculture, and corporate sectors, as well as macroeconomic issues.
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