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Eli M Remolona: speeches

27 speeches by Eli M Remolona listed between 28 July 2023 and 9 October 2026. Roles covered: Governor of the Bangko Sentral ng Pilipinas (since 3 July 2023). Most frequent topics: inflation and price stability, technology, ai and cyber risk, growth, investment and productivity.

Last updated 10 November 2026 · newest first

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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiMessage for the 58th Annual Financial Executives Institute of the Philippines (FINEX) Conference

ContextMessage by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), for the 58th Annual Financial Executives Institute of the Philippines (FINEX) Conference, Manila, 9 October 2026.

Why it mattersThe Philippine central bank has raised rates three times this year as oil and food costs lift inflation and keep expectations above target.

Problems raised
  1. Oil and food prices are pushing Philippine inflation up.
  2. The peso weakened as the dollar strengthened.
  3. Inflation expectations sit above the 3% target.
Solutions proposed
  1. Raise the policy rate, by 75 basis points so far this year.
  2. Weigh both inflation and growth scenarios.
  3. Watch expectations closely to keep them anchored.
Read the speech summary

1. Why price stability

Speaking informally to a Philippine finance executives' conference, Bangko Sentral Governor Eli Remolona said the central bank's main job is stable prices, which research shows supports lasting growth and which the poorest households rank as their top concern.

2. Two inflation shocks

He compared the 2022 Ukraine shock with the March 2026 Hormuz closure: each first lifted fuel and transport costs, then food, because fertiliser depends on oil, and later core prices. In March, unusually, the dollar strengthened as oil rose, so the peso fell at the same time, a double blow for inflation.

3. How the central bank responds

Policy now works through the overnight rate and guidance on its future path, rather than money-supply targets as before the 1990s. The bank has raised its rate three times this year, by 75 basis points in total, while studying scenarios such as a severe El Niño. Surveys show expected inflation easing from 5.3% in a year to 3.3% in three years, approaching the 3% target, but he would worry if expectations stopped converging. He explained that rate decisions draw on a large model of the economy and on surveys of analysts, households and firms, noted that the 3% target suits a fast-growing economy unlike the 2% used in rich countries, and ended by stressing that independence lets the bank take unpopular decisions rather than please a crowd wanting low rates, a strong peso and low inflation all at once.

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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiFinancial learning that connects, transforms, and sustains

ContextSpeech by the Governor of the Bangko Sentral ng Pilipinas at the 2025 Financial Education Stakeholders' Congress in Manila.

Why it mattersThe Philippine central bank Governor links financial education to saving, and saving to deeper capital markets.

Problems raised
  1. Many Filipinos lack financial skills.
  2. Low savings increase reliance on foreign borrowing.
  3. Capital markets are shallow.
Solutions proposed
  1. Expand financial education.
  2. Launch the BSP e-learning Academy.
  3. Encourage saving to deepen markets.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiDigital pathways to financial security

ContextSpeech in Manila at the signing and launch of Project OFxPERA on digital finance for overseas workers; Bangko Sentral ng Pilipinas keeps prices stable and promotes financial inclusion.

Why it mattersThe Philippine governor positions digital retirement accounts as the entry point for open finance and long-term saving.

Problems raised
  1. Few Filipinos save for retirement.
  2. Uptake of the PERA retirement accounts is slow.
  3. Financial services feel complex.
Solutions proposed
  1. Make PERA the entry point to open finance.
  2. Integrate saving and investing into a digital ecosystem.
  3. Work with banks, asset managers and civil society.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiDigital, sustainable, inclusive - celebrating the 32nd anniversary of Bangko Sentral ng Pilipinas

ContextSpeech in Manila at the 32nd anniversary celebration of Bangko Sentral ng Pilipinas; the central bank keeps prices stable and promotes digital and inclusive finance.

Why it mattersThe Philippine central bank marks its anniversary by stressing supervisory technology and the new anti-scam law.

Problems raised
  1. Uncertainty is high.
  2. Cyber threats and scams target finance.
  3. Supervision must keep up.
Solutions proposed
  1. Use SupTech and RegTech for faster supervision.
  2. Launch cyber resilience plans.
  3. Implement the anti-scam law.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiWelcome remarks - Presidential and National Anti-Money Laundering, Counter-Terrorism Financing, Counter Proliferation Financing Coordinating Committee (NACC) Recognition Ceremony

ContextWelcome remarks by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the Presidential and National Anti-Money Laundering, Counter-Terrorism Financing, Counter Proliferation Financing Coordinating Committee (NACC) Recognition Ceremony, Manila, 5 May 2025.

Why it mattersThe Philippine governor marks the country's exit from the FATF grey list after years of reforms.

Problems raised
  1. Grey listing by the FATF cuts investment and capital flows.
  2. The Philippines had gaps in anti-money-laundering rules.
  3. Financial crime threatens the system.
Solutions proposed
  1. Exit the FATF grey list through reforms.
  2. Make it a presidential priority.
  3. Keep fighting financial crime.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiGoing digital - changing the digital finance narrative

ContextSpeech at the fourth Digital Financial Inclusion Awards in Manila; Bangko Sentral ng Pilipinas keeps prices stable and promotes digital finance for the unbanked.

Why it mattersThe Philippine governor tackles public fear of digital fraud as a barrier to inclusion.

Problems raised
  1. People fear digital fraud.
  2. Small businesses hesitate to go digital.
  3. Dramatic events bias perceptions.
Solutions proposed
  1. Change the narrative on digital finance.
  2. Make digital finance more secure.
  3. Promote inclusive digital services.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiGetting out of the grey list - and staying out

ContextSpeech at the Tuesday Club in Mandaluyong City; Bangko Sentral ng Pilipinas keeps the financial system sound and worked to remove the country from the international money-laundering grey list.

Why it mattersThe Philippine governor explains the steps that removed the country from the FATF grey list.

Problems raised
  1. The Philippines was on the FATF grey list.
  2. Proof of reform required on-site checks.
  3. Staying off the list needs effort.
Solutions proposed
  1. Complete the FATF action plan.
  2. Pass the on-site assessment.
  3. Keep up reforms to stay off the list.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiMessage for the Annual Reception for the Banking Community

ContextKeynote message by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the 2024 Annual Reception for the Banking Community, Manila, 10 January 2025.

Why it mattersThe Philippine governor sets Open Finance as a priority with the banking industry.

Problems raised
  1. Financial services must fit people's needs.
  2. Choice is limited.
  3. Progress must continue.
Solutions proposed
  1. Build on 2024 milestones.
  2. Intensify Open Finance.
  3. Work with banks on shared goals.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiMessage during the Development Budget Coordination Committee Briefing

ContextMessage by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), during the Development Budget Coordination Committee Briefing for the House of Representatives on the 2025 National Government Budget, Manila, 6 August 2024.

Why it mattersThe Philippine governor presents the monetary assumptions behind the 2025 budget.

Problems raised
  1. The budget needs sound assumptions.
  2. External risks affect the peso.
  3. Inflation must be managed.
Solutions proposed
  1. Present monetary and external assessments to Congress.
  2. Support the 2025 budget assumptions.
  3. Keep inflation in check.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiDigital SOS - a comprehensive plan to combat cyber incidents

ContextSpeech in Manila at the launch of the Financial Services Cyber Resilience Plan 2025-2029; Bangko Sentral ng Pilipinas keeps the financial system sound and faces rising cyber attacks.

Why it mattersThe Philippine central bank launches a five-year cyber resilience plan for finance.

Problems raised
  1. Digital transformation brings cyber threats.
  2. Financial systems are exposed.
  3. Defences are insufficient.
Solutions proposed
  1. Launch the 2025-2029 cyber resilience plan.
  2. Fortify defences.
  3. Act collectively.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiKeeping the Bayanihan spirit alive

ContextSpeech to the monthly meeting of the Consular Corps of the Philippines in Makati City; Bangko Sentral ng Pilipinas keeps prices stable and supports the economy.

Why it mattersThe Philippine governor calls for cooperation as fragmentation weakens trade links.

Problems raised
  1. Fragmentation grows from crises and trade wars.
  2. Inflation forced rate hikes.
  3. Trade links weaken.
Solutions proposed
  1. Keep the Bayanihan spirit of cooperation.
  2. Build bridges for trade and finance.
  3. Tame inflation.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiEmerging trends in central bank policies and operations

ContextSpeech at the fourth International Research Fair in Manila; Bangko Sentral ng Pilipinas keeps prices stable and adapts its policy tools and operations.

Why it mattersThe Philippine governor discusses affordable climate responses for emerging markets.

Problems raised
  1. Geopolitical conflict and fragmentation disrupt trade.
  2. Climate change is costly for emerging markets.
  3. New developments come fast.
Solutions proposed
  1. Research new trends quickly.
  2. Find affordable climate responses.
  3. Adapt central bank operations.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiInflation dynamics as influenced by the peso-dollar exchange rate

ContextSpeech by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the EJAP (Economic Journalists Association of the Philippines)-San Miguel Corp. Economic Forum, Manila, 8 July 2024.

Why it mattersThe Philippine governor explains how the peso's moves feed into inflation.

Problems raised
  1. The peso-dollar rate affects inflation.
  2. Supply shocks drive inflation.
  3. Investment needs stability.
Solutions proposed
  1. Provide a stable environment for investment.
  2. Manage exchange rate effects.
  3. Watch supply-driven inflation.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiOff to the next 75 - celebrating 75 years of central banking in the Philippines

ContextSpeech at the celebration of 75 years of central banking in the Philippines; Bangko Sentral ng Pilipinas keeps prices stable and looks ahead to digital finance.

Why it mattersThe Philippine central bank marks 75 years of central banking with a look at future challenges.

Problems raised
  1. Central banking must keep evolving.
  2. History holds lessons.
  3. The future brings new challenges.
Solutions proposed
  1. Celebrate 75 years of central banking.
  2. Open an anniversary exhibit.
  3. Prepare for the next 75 years.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiMoving forward and creating impactful changes

ContextSpeech at the annual convention of the Association of Philippine Correspondent Bank Officers; Bangko Sentral ng Pilipinas keeps the financial system sound and pushes reforms.

Why it mattersRemolona addresses the retreat of correspondent banks that support trade finance.

Problems raised
  1. Geopolitical tensions and global slowdown weigh.
  2. Correspondent banking faces challenges.
  3. Domestic conditions matter.
Solutions proposed
  1. Anchor policy on sound fundamentals.
  2. Support trade finance.
  3. Create impactful changes.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiProtecting the banking system as a whole

ContextSpeech at the Philippine Deposit Insurance Corporation stakeholders' night in Manila; Bangko Sentral ng Pilipinas keeps the banking system sound and works with the deposit insurer.

Why it mattersRemolona backs the deposit insurer's role in keeping depositors' trust.

Problems raised
  1. Crises can shake banking systems.
  2. Depositors need protection.
  3. Stakeholders must cooperate.
Solutions proposed
  1. Protect the banking system as a whole.
  2. Support deposit insurance.
  3. Work together.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiEstablishing a benchmark yield curve - why we need it and how can we do it?

ContextSpeech at the 40th Environmental Scanning Exercise in Manila; Bangko Sentral ng Pilipinas keeps prices stable and wants deeper local bond markets.

Why it mattersRemolona argues a benchmark yield curve would improve how rate changes reach the economy.

Problems raised
  1. The Philippines lacks a benchmark yield curve.
  2. Monetary transmission is weak.
  3. Capital markets are shallow.
Solutions proposed
  1. Establish a benchmark yield curve.
  2. Strengthen monetary transmission.
  3. Collaborate on capital market development.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiGoing the extra mile for financial inclusion

ContextSpeech at the 2024 Cerise+SPTF annual meeting on responsible inclusive finance in Manila; Bangko Sentral ng Pilipinas keeps prices stable and promotes financial inclusion.

Why it mattersRemolona puts consumer rights at the centre of the push for financial inclusion.

Problems raised
  1. Many people remain financially excluded.
  2. Consumers need protection.
  3. Trust must be preserved.
Solutions proposed
  1. Go the extra mile for inclusion.
  2. Implement the consumer protection framework.
  3. Put consumers' rights first.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiMitigating climate change through collaboration

ContextSpeech at the second Philippine Climate Forum in Manila; Bangko Sentral ng Pilipinas keeps the financial system sound and supports a low-carbon, climate-resilient economy.

Why it mattersRemolona presents a green taxonomy and better data to manage climate risk in finance.

Problems raised
  1. Climate change threatens the Philippines.
  2. Financial institutions must manage climate risks.
  3. Data are insufficient.
Solutions proposed
  1. Use a sustainable finance taxonomy.
  2. Add measures for climate risk management.
  3. Improve data and methodologies.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiDigital bridges for financial inclusion

ContextSpeech at the media launch of the third Digital Financial Inclusion Awards in Manila; Bangko Sentral ng Pilipinas keeps prices stable and promotes digital finance for the unbanked.

Why it mattersRemolona launches awards to promote digital tools for the vulnerable.

Problems raised
  1. Vulnerable people lack financial tools.
  2. They face risks.
  3. Digital inclusion is incomplete.
Solutions proposed
  1. Launch Digital Financial Inclusion Awards.
  2. Partner with microfinance groups.
  3. Give tools to manage and protect resources.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiForging a sustainable future for the Philippines

ContextSpeech at the welcome reception of a World Economic Forum country roundtable in Manila; Bangko Sentral ng Pilipinas keeps prices stable and supports sustainable growth.

Why it mattersRemolona engages investors on the Philippines' sustainable growth.

Problems raised
  1. The Philippines needs sustainable growth.
  2. Investment must increase.
  3. Cooperation is needed.
Solutions proposed
  1. Host a World Economic Forum roundtable.
  2. Engage investors and government.
  3. Forge a sustainable future.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiThe challenges we face at Bangko Sentral ng Pilipinas

ContextSpeech at the general meeting of the Financial Executives Institute of the Philippines; Bangko Sentral ng Pilipinas keeps prices stable and faces sticky inflation.

Why it mattersRemolona explains how supply shocks can lift inflation expectations.

Problems raised
  1. Supply shocks feed inflation expectations.
  2. Growth must be sustained.
  3. The central bank faces challenges.
Solutions proposed
  1. Watch supply shock effects on expectations.
  2. Build on 5.6% growth.
  3. Explain challenges to executives.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiMessage during the release of the 2023 Financial Stability Report

ContextMessage by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the release of the 2023 Financial Stability Report, Manila, 13 February 2024.

Why it mattersRemolona warns about hidden vulnerabilities that could spread contagion.

Problems raised
  1. Hidden vulnerabilities can spread.
  2. Contagion can dislocate markets.
  3. Risks brew out of sight.
Solutions proposed
  1. Publish the Financial Stability Report.
  2. Look for hidden vulnerabilities.
  3. Prevent contagion.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiMessage for the Annual Reception for the Banking Community

ContextWelcome message by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the 2024 Annual Reception for the Banking Community, Manila, 26 January 2024.

Why it mattersRemolona sets goals for the year with the country's lenders.

Problems raised
  1. The banking community needs coordination.
  2. The year ahead brings challenges.
  3. Cooperation matters.
Solutions proposed
  1. Thank the banking community.
  2. Build on past successes.
  3. Keep working together.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiWelcome message - 2nd Digital Financial Inclusion Awards

ContextWelcome message by Eli M Remolona, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), for the Second Digital Financial Inclusion Awards (DFIA) – Awarding Ceremony, Manila, 24 October 2023.

Why it mattersRemolona rewards efforts to bring small entrepreneurs into digital finance.

Problems raised
  1. Many microentrepreneurs remain outside the financial system.
  2. Adoption of digital finance is uneven.
  3. Small firms need better access to credit.
Solutions proposed
  1. Recognise and reward digital financial inclusion efforts.
  2. Support microfinance institutions in going digital.
  3. Promote digital payments among small businesses.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiRising to the challenge - the Bangko Sentral ng Pilipinas

ContextSpeech at the Philippine Economic Briefing in Laoag City; Bangko Sentral ng Pilipinas keeps prices stable and faces high inflation.

Why it mattersRemolona explains how the central bank fights inflation and peso pressure.

Problems raised
  1. Inflation is high in the Philippines.
  2. Exchange rate pressure exists.
  3. Banks must support sustainability.
Solutions proposed
  1. Keep monetary policy tight enough.
  2. Manage exchange rate volatility.
  3. Encourage sustainable banking.
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· Eli M Remolona Wiki · Bangko Sentral ng Pilipinas WikiNavigating the road ahead - looking back to look forward

ContextSpeech at the 30th anniversary reception of Bangko Sentral ng Pilipinas; the central bank keeps prices stable and looks back on three decades of policy.

Why it mattersRemolona warns about El Niño and supply shocks for inflation.

Problems raised
  1. Inflation risks remain, including El Niño.
  2. Supply shocks may return.
  3. Banking sector must stay resilient.
Solutions proposed
  1. Keep monetary policy ready to act.
  2. Work with banks to maintain stability.
  3. Learn from past experience.
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