Marcos thanks Medalla for service, mitigating inflation effects

President Ferdinand R. Marcos Jr. has thanked outgoing Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla for his dedicated government service and strong leadership, which played a crucial role in mitigating the impact of inflation in the country.

At Medalla's farewell call in Malacañang, Marcos expressed gratitude for his contributions and extended his appreciation for the years of service.

Medalla's term as BSP governor will end on July 2, 2023. He will be succeeded by Eli M. Remolona, a current member of the Monetary Board.

The outgoing BSP chief also thanked Marcos for the appointment and the opportunity to serve the government as BSP governor.

He acknowledged the critical time during which he served and emphasized that the country should expect a strong continuation of policies 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. —NB, GMA Integrated News