Remolona seeks reappointment of Wassmer, Querubin to Monetary Board

For policy continuity

MANILA, Philippines — Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. has asked for the reappointment of Monetary Board members Walter Wassmer and Jose Querubin, whose terms are set to end on July 2.

The move signals Remolona’s preference for continuity in the BSP’s highest policy-making body as the central bank navigates elevated inflation, a weak peso and lingering risks to the financial system.

Asked whether the terms of Wassmer and Querubin would end in July, Remolona told The STAR: “Yes, that’s why I asked for them to be reappointed.”

Remolona said he has not heard from Malacañang on whether Wassmer and Querubin would be reappointed. The appointment of Monetary Board members remains the prerogative of the President.

The Monetary Board is the highest policy-making body of the BSP. It is chaired by the BSP governor and includes one Cabinet member as well as five full-time members from the private sector.

Under the New Central Bank Act, Monetary Board members are appointed for a term of six years and may be reappointed only once.

Wassmer and Querubin currently hold two of the five private sector seats. Their terms are set to expire on July 2 after they were appointed to complete the unexpired terms of former Monetary Board members V. Bruce Tolentino and Anita Linda Aquino, who resigned in 2024 after being linked to the BSP ghost employees controversy.

If they are not reappointed, the June 18 rate-setting meeting would have been their last scheduled monetary policy meeting. The BSP’s next policy meeting is set for Aug. 27.

The possible retention of Wassmer and Querubin would provide continuity at the BSP at a time when monetary authorities are dealing with renewed price pressures and global uncertainty.

Wassmer, a veteran banker, joined the Monetary Board in July 2024.

Querubin, meanwhile, joined the Monetary Board in September 2024, completing the seven-member policy-making body of the BSP.