Benise Balaoing

Outgoing Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla hands over the reins of the central bank to Governor Eli M. Remolona in a ceremony held on 3 July 2023 at the BSP head office in Manila.


The new BSP chief underscored policy continuity as he cited the sustained easing of inflation, a strong banking system, and an increasingly digitalized and efficient payments and settlements system in the country
He brings to the table his extensive international policymaking experience, having worked for 14 years at the Federal Reserve Bank of New York and 19 years at the Bank for International Settlements in Switzerland and Hong Kong.  BSP Handout

Outgoing Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla hands over the reins of the central bank to Governor Eli M. Remolona in a ceremony held on 3 July 2023 at the BSP head office in Manila.

The new BSP chief underscored policy continuity as he cited the sustained easing of inflation, a strong banking system, and an increasingly digitalized and efficient payments and settlements system in the country
He brings to the table his extensive international policymaking experience, having worked for 14 years at the Federal Reserve Bank of New York and 19 years at the Bank for International Settlements in Switzerland and Hong Kong.  BSP Handout

Article (news)

Bangko Sentral ng Pilipinas

Katrina Domingo

ABS-CBN News

<p>MANILA — Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona&#x27;s P21.6-million bonus and other millions-worth of incentives are “allowed” under the Central Bank’s charter, Malacañang said on Monday.</p><p>Remolona was included in the list of the world’s highest-paid central bankers after the Commission on Audit (COA) showed that in 2025, the BSP chief had P12 million in basic salary, P21.6 million in bonuses and incentives, P18 million in allowances, on top of a P1 million discretionary and miscellaneous fund.</p><p>“Mayroon tayong Salary Standardization Law pero ang BSP po ay allowed po under its charter to set its own salary structure,” Communications Undersecretary Claire Castro said in a press briefing in Malacañang.</p><p>“Mayroon din pong RA 7653 or The New Central Bank Act kung saan po nagkakaroon po sila ng mga policy-setting body para po sa BSP na they can establish a structure based on job evaluation studies and rates survey, so iyan po ay ayon naman po sa kanilang charter,” she said.</p><p>Castro also defended Remolona’s assertion that a P63 depreciation is acceptable if it happens in a measured way.</p><div><a href="https://www.abs-cbn.com/news/business/2026/5/18/peso-sinks-to-new-record-low-of-p61-75-vs-dollar-1620" rel="noopener noreferrer" target="_blank">Peso sinks to new record low of P61.75 vs. dollar</a></div><p>“Ang BSP po naman ay independent body at sila naman po ay nagtrabaho based ‘no and influenced by global factors including shifts in US interest rates, the Middle East conflict, higher oil prices and market sentiment,” the Undersecretary said.</p><p>“So patuloy naman pong nagmo-monitor ang BSP patungkol dito,” she added.</p><p>The Marcos administration’s economic team has been working “in sync in maintaining microeconomic stability and safeguarding the purchasing power of Filipinos,” Castro said.</p><p>“Sa lahat na makakaya ay dapat na gawin para mapigilan ang pagbaba ng value ng peso dahil alam naman natin kung ano ang kinakaharap natin, hindi lang ito lokal na problema kung hindi kumakaharap tayo sa isang global oil prices maliban pa po sa mga panggugulo ng ibang mga grupo sa ating gobyerno,” she said.</p><p>“Naniniwala pa rin po ang ating pamahalaan sa ginagawa po ng BSP.”</p><p>Investors should understand that current political jitters are linked to the Marcos administration’s campaign against corruption, the Palace official said.</p><p>“Ang gobyerno, ang economic team ay patuloy sa pagtatrabaho, patuloy din po na nais na mapanagot ang dapat na mapanagot at iyan po ang isa sa mga dapat makita, especially ng investors, na ang gobyerno ngayon, ang administrasyong ito, ay hindi po nagko-cover up ng mga anomalya o tungkol sa korupsiyon,” she said. </p><p>“So, political tensions and political noise come and go but economic fundamentals endure,&quot; Castro said.</p><div><a href="https://www.abs-cbn.com/news/business/2026/5/19/what-is-stagflation-and-should-we-be-worried-2302" rel="noopener noreferrer" target="_blank">What is stagflation and should we be worried?</a></div><div><a href="https://www.abs-cbn.com/news/business/2026/5/20/philippines-still-far-from-stagflation-economist-1512" rel="noopener noreferrer" target="_blank">Philippines still far from stagflation—economist</a></div><p>Earlier this month, President Ferdinand Marcos Jr. said that his government has been watching out for stagflation as Philippine growth slows, while inflation shot past 7 percent. This is due to the effects of oil price shocks stemming from the war in the Middle East.</p><div><a href="https://www.abs-cbn.com/news/business/2026/5/19/ph-concerned-about-stagflation-as-oil-price-shock-effects-persist-marcos-1000" rel="noopener noreferrer" target="_blank">PH ‘concerned about stagflation’ as oil price shock effects persist—Marcos</a></div><p>Marcos met with BSP officials and his economic team on Monday, a day before the Chief Executive travels to Japan for a 4-day state visit.</p>

<p>Bangko Sentral Governor Eli Remolona's P21.6-million bonus and other millions-worth of incentives are “allowed” under the Central Bank’s charter, Malacañang said.</p>

Bangko Sentral Governor Eli Remolona's P21.6-million bonus and other millions-worth of incentives are “allowed” under the Central Bank’s charter, Malacañang said.

‘Allowed under charter’: Malacañang defends BSP chief’s millions-worth of bonuses

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‘Allowed under charter’: Malacañang defends BSP chief’s millions-worth of bonuses

Katrina Domingo,

ABS-CBN News

Published May 25, 2026 06:34 PM PHT

|

Updated May 26, 2026 01:11 AM PHT

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Bangko Sentral

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