President Ferdinand R. Marcos Jr. expressed his gratitude to outgoing Bangko Sentral ng Pilipinas Governor Felipe M. Medalla for his decades-long government service and for his strong leadership that enabled the Monetary Board to mitigate the impact of inflation in the country.

“We have to thank you. Yes. Maraming, maraming salamat,” President Marcos told Medalla during his farewell call on the chief executive in Malacañan Palace on Friday.

Medalla’s term as BSP governor ends on July 2, 2023 and he will be replaced by Eli M. Remolona, a current Monetary Board member.

The BSP chief also thanked the President for appointing him and giving him the opportunity to serve the government as BSP governor.

“I’m so thankful that I was able to get an appointment with you,” Medalla remarked on his appointment with the Bangko Sentral. “… and working for you for one year, (at) very critical time,” he said, adding the country should expect a very good center-backing under his successor.

Medalla, who served as the director-general of the National Economic and Development Authority (NEDA) from 1998 to 2001, has been a member of the policy making Monetary Board since July 2011.

He is covering the remaining term of former BSP governor Benjamin E. Diokno, who was supposed to complete the unexpired six-year term of former BSP governor Nestor Espenilla Jr., who passed away in 2019.

Among the key BSP accomplishments from July 2022 to present include ensuring price and financial stability, and carrying out payments and settlements system reform.

Under Medalla’s term, the BSP has been instrumental in weathering the impact of inflation and also making headway on boosting accounts ownership and expanding payments digitalization under its Digital Payments Transformation Roadmap. PND