Governor of the Bangko Sentral ng Pilipinas

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Governor of the
Bangko Sentral ng Pilipinas
Tagapangasiwa ng Bangko Sentral ng Pilipinas
Bangko Sentral ng Pilipinas 2020 logo.png
Official central bank seal
WIPO Eli Remolina Jr. World Economic Forum Annual Meeting 2024 (53470304862) (cropped).jpg
Incumbent
Eli M. Remolona, Jr.
since July 3, 2023
Member ofThe Monetary Board
Anti-Money Laundering Council
Seat BSP Complex, Roxas Boulevard, Manila, Philippines
AppointerThe President with the consent of the Commission on Appointments
Term length Six years
renewable once
Constituting instrumentThe BSP Charter
The New Central Bank Act (RA11211 )
Inaugural holder Miguel Cuaderno Sr.
(as Governor of the Central Bank)
Gabriel Singson
(as Governor of the Bangko Sentral)
FormationJanuary 3, 1949 (Central Bank)
July 3, 1993 (Bangko Sentral)
Website bsp.gov.ph

The Governor of the Bangko Sentral ng Pilipinas (Filipino: Tagapangasiwa ng Bangko Sentral ng Pilipinas or simply Tagapangasiwa ng Bangko Sentral [lower-alpha 1] ) is the chief executive officer of the Bangko Sentral ng Pilipinas, the Philippines' central bank. This position succeeds and replaces the earlier post of Governor of the Central Bank of the Philippines.

Contents

On June 23, 2023, President Bongbong Marcos appointed Eli M. Remolona, Jr. as the seventh Governor of the Bangko Sentral ng Pilipinas, replacing Felipe Medalla. [1] Medalla had shared a six-year term with Benjamin Diokno, who was subsequently appointed as Secretary of Finance. [2] and Nestor Espenilla, Jr., who died while in office. [3]

Roles with other agencies

He also serves as the chairman and principal representative of the Monetary Board; chairman of Anti-Money Laundering Council and Philippine International Convention Center; vice-chairman of the Governing Council of Agriculture Credit Policy Council; member of the Capital Market Development Council, Export Development Council, PhilExport board of trustees, and Philippine Export-Import Credit Agency; and director of Philippine Deposit Insurance Corporation, National Development Council, and National Home Mortgage Finance Corporation. [4]

Powers and duties

His powers and duties as the chief executive officer of the Bangko Sentral shall be to:

  1. Prepare the agenda for the meetings of the Monetary Board and to submit for the consideration of the Board the policies and measures that he believes to be necessary to carry out the purposes and provisions of said Act;
  2. Execute and administer the policies and measures approved by the Monetary Board;
  3. Direct and supervise the operations and internal administration of the Bangko Sentral. The Governor may delegate certain of his administrative responsibilities to other officers or may assign specific tasks or responsibilities to any full-time member of the Monetary Board without additional remuneration or allowance whenever he may deem fit or subject to such rules and regulations as the Monetary Board may prescribe;
  4. Appoint and fix the remunerations and other emoluments of personnel below the rank of a department head in accordance with the position and compensation plans approved by the Monetary Board, as well as to impose disciplinary measures upon personnel of the Bangko Sentral, subject to the provisions of Section 15(c) of said Act: Provided, That removal of personnel shall be with the approval of the Monetary Board;
  5. Render opinions, decisions, or rulings, which shall be final and executory until reversed or modified by the Monetary Board, on matters regarding application or enforcement of laws pertaining to institutions supervised by the Bangko Sentral and laws pertaining to quasi-banks, as well as regulations, policies or instructions issued by the Monetary Board, and the implementation thereof; and
  6. Exercise such other powers as may be vested in him by the Monetary Board.

In capacity as the principal representative of Bangko Sentral and the Monetary Board and in accordance with the instructions of the Monetary Board, he shall be empowered to:

  1. Represent the Monetary Board and the Bangko Sentral in all dealings with other offices, agencies and instrumentalities of the Government, and all other persons or entities, public or private, whether domestic, foreign or international;
  2. Sign contracts entered into by the Bangko Sentral, notes and securities issued by the Bangko Sentral, all reports, balance sheets, profit and loss statements, correspondence, and other documents of the Bangko Sentral;
  3. Represent the Bangko Sentral, either personally or through counsel, including private counsel, as may be authorized by the Monetary Board, in any legal proceedings, action or specialized legal studies; and
  4. Delegate his power to represent the Bangko Sentral, to other officers upon his own responsibility: Provided, however, That in order to preserve the integrity and the prestige of his office, the Governor of the Bangko Sentral may choose not to participate in preliminary discussions with any multilateral banking or financial institution on any negotiations for the Government within or outside the Philippines. During the negotiations, he may instead be represented by a permanent negotiator. [4]

List of governors of Bangko Sentral

Governors of the Central Bank [5]
NameTenurePresident/s
FromUntil
Miguel Cuaderno Sr. January 3, 1949December 31, 1960 Elpidio Quirino
Ramon Magsaysay
Carlos P. Garcia
Andres Castillo January 6, 1961December 31, 1967 Carlos P. Garcia
Diosdado Macapagal
Ferdinand Marcos
Alfonso Calalang January 1, 1968January 9, 1970 Ferdinand Marcos
Gregorio Licaros January 10, 1970January 15, 1981
Jaime C. Laya January 16, 1981January 18, 1984
Jose B. Fernandez Jr. January 19, 1984February 19, 1990 Ferdinand Marcos
Corazon Aquino
Jose L. Cuisia Jr. February 20, 1990July 2, 1993 Corazon Aquino
Fidel V. Ramos
Governors of the Bangko Sentral
NameTenurePresident/s
FromUntil
Gabriel Singson July 6, 1993July 5, 1999 Fidel V. Ramos
Joseph Ejercito Estrada
Rafael Buenaventura July 6, 1999July 3, 2005 Joseph Ejercito Estrada
Gloria Macapagal Arroyo
Amando Tetangco Jr. July 3, 2005July 3, 2017 Gloria Macapagal Arroyo
Benigno S. Aquino III
Rodrigo Duterte
Nestor Espenilla Jr. July 3, 2017February 23, 2019* Rodrigo Duterte
Benjamin Diokno March 4, 2019June 30, 2022
Felipe Medalla June 30, 2022July 3, 2023 Bongbong Marcos
Eli M. Remolona, Jr. July 3, 2023Incumbent

*Died in office

Notes

  1. ↑ Seen on Philippine banknotes since the release of Pilipino Series in 1969.

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References

  1. ↑ "PBBM appoints Eli Remolona as new BSP Governor". pco.gov.ph. Retrieved July 3, 2023.
  2. ↑ Fenol, Jessica (June 30, 2022). "PROFILE: Seasoned economist Felipe Medalla taking helm of Bangko Sentral ng Pilipinas". ABS-CBN News. Retrieved June 30, 2022.
  3. ↑ Lopez, Melissa Luz (February 23, 2019). "Central bank chief Espenilla passes away". BusinessWorld . Retrieved February 24, 2019.
  4. 1 2 "Bangko Sentral ng Pilipinas - About the Bank - Governance". Bangko Sentral ng Pilipinas. Retrieved December 26, 2016.PD-icon.svg This article incorporates text from this source, which is in the public domain .
  5. ↑ "Bangko Sentral Governors". Bangko Sentral ng Pilipinas. Retrieved December 26, 2016.
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