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PROFILE: Seasoned economist Felipe Medalla taking helm of Bangko Sentral ng Pilipinas

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Jessica Fenol, ABS-CBN News

MANILA - Seasoned economist Felipe Medalla will take the helm of the Bangko Sentral ng Pilipinas (BSP).Medalla has been a member of the BSP&#x27;s Monetary Board since July 2011. He has also served as Socioeconomic Planning Secretary and the Director General of the National Economic and Development Authority (NEDA) from 1998 to 2001 during the administration of former President Joseph Estrada.He will replace and serve the remaining term of incumbent BSP Governor Benjamin Diokno who has been designated as <a href="https://news.abs-cbn.com/business/05/26/22/bsps-benjamin-diokno-is-marcos-jrs-pick-to-head-dof">Finance secretary</a>. <div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="BSP Monetary Board member Dr. Felipe Medalla. Photo: BSP" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/05/26/felipe.jpg"/><figcaption>BSP Monetary Board member Dr. Felipe Medalla. Photo: BSP</figcaption></figure></div>Medalla holds a PhD in economics. He served as Dean of the University of the Philippines School of Economics as well as Vice President for Planning and Finance of the UP System. The central bank said the seasoned economist has written papers on the effects of economic policies on poverty and problems in the measurement of Philippine economic growth, among others. <div>ARRESTING INFLATION, ECONOMIC WOES</div>The Marcos administration faces the challenge of keeping the country&#x27;s economy expanding while dealing with soaring inflation and debt. The Philippines&#x27; debt-to-GDP is at 63.5 percent while inflation hit 5.4 percent in April. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/07/22/inflation-quickens-further-to-54-percent-in-may">Inflation quickens further to 5.4 percent in May</a></li></ul>The era of easy money, which was necessary to keep the economy afloat during the pandemic, is also ending, with many central banks raising rates to tame inflation.In an interview with <a href="https://www.bloomberg.com/news/articles/2022-06-07/successive-rate-hikes-seen-in-philippines-by-new-monetary-head">Bloomberg</a>, Medalla signaled there could be 2 more rate hikes by August as inflation continues to accelerate. The BSP earlier hiked interest rate by another 25-basis points to <a href="https://news.abs-cbn.com/business/06/23/22/bangko-sentral-hikes-benchmark-rate-by-25-basis-points">2.50 percent</a>. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/19/22/bsp-hikes-interest-rate-to-225-percent-as-inflation-accelerates">BSP hikes interest rate to 2.25 percent as inflation accelerates</a></li></ul>

Seasoned economist Felipe Medalla will helm the BSP as it tries to keep the economy growing while taming rising inflation. 

PROFILE: Seasoned economist Felipe Medalla taking helm of Bangko Sentral ng Pilipinas

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PROFILE: Seasoned economist Felipe Medalla taking helm of Bangko Sentral ng Pilipinas

Jessica Fenol,

ABS-CBN News

Published Jun 30, 2022 11:18 AM PHT

|

Updated Jun 30, 2022 12:55 PM PHT

Read More:

Felipe Medalla

BSP

Bangko Sentral ng Pilipinas

Ferdinand Marcos Jr

BSP Governor

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