Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. has once again achieved high recognition on the global scene, earning an “A-” in Global Finance magazine’s 2025 report card for central bank leaders.
This marks the second consecutive year that Remolona, who took charge of the BSP in June 2023, has received this grade, placing him alongside European Central Bank President Christine Lagarde.
The rankings, ranging from “A+” to “F,” evaluate a governor’s ability to manage inflation, promote economic growth, ensure currency stability, and set interest rates effectively.
The New York-based publication revealed only the top-rated central bankers in its announcement on August 27.
The prestigious “A+” rating was awarded to Jerome Powell of the US Federal Reserve, Christian Kettel Thomsen of Denmark’s central bank, and Nguyen Thi Hong of Vietnam.
Powell is currently facing political pressures from US President Donald Trump, who has advocated for reducing interest rates, yet Powell has maintained the central bank’s independence.
For Remolona, who has successfully guided the Philippine economy through persistent inflation and a weak peso, this recognition signifies international confidence in his leadership at the BSP.
The magazine, which has been publishing this annual scorecard since 1994, will issue the full report in its October edition.
“Most central bankers have spent recent years combating inflation with their most effective tool: higher interest rates, though mandates vary by country,” noted Joseph Giarraputo, founder and editorial director of Global Finance.
“With inflation declining, we’re starting to see the outcomes of these challenging policy decisions,” Giarraputo added.
Last year, Remolona received his first “A-” after leading the Philippines through a phase of elevated consumer prices. Under his direction, the BSP raised its policy rate by 450 basis points to 6.5 percent, one of the most stringent measures in Asia at the time.
This approach succeeded, and by December 2023, inflation had returned to the BSP’s target range of 2-to-4 percent and has largely remained there.
As price pressures eased, the central bank began cautious “baby steps” toward easing in August 2024, avoiding drastic cuts that could unsettle markets.
However, global politics introduced new challenges. Uncertainty from President Trump’s unpredictable trade policies impacted the BSP’s outlook, slowing its rate cuts. As some risks subsided, the bank made more decisive moves, reducing rates by a cumulative 150 basis points to a “Goldilocks” level of 5 percent, which supports growth without sparking new inflation.
Analysts suggest the BSP’s easing cycle is nearing its conclusion. Yet, Remolona remains flexible, signaling that the Monetary Board (MB) might consider another rate cut in October or December meetings if demand weakens.
Remolona, the seventh governor of the BSP and MB chair, has a career spanning over three decades in global financial institutions.
He spent 19 years at the Bank of International Settlements in Basel, often referred to as the central bankers’ central bank. He also spent 14 years at the Federal Reserve Bank of New York, the most influential branch of the US central bank, providing him with a front-row view of Wall Street and international markets.
From 2019 to 2022, Remolona was a professor of finance and director of central banking at the Asia School of Business in Kuala Lumpur. He has also taught at Williams College, Columbia University, New York University, and the University of the Philippines-School of Economics.
Before joining the MB in 2022, Remolona was an independent director at the Bank of the Philippine Islands.