The next president and BSP governor

‘Twas a breezy Friday night as bankers descended on the glittering Courtyard of the Philippine International Convention Center in Pasay for the annual Bankers’ Night – yet the buzz was as hot as a sweltering summer’s day.

For instance, some bankers and regulators raised the question: who would be the next Bangko Sentral ng Pilipinas governor when Governor Eli Remolona Jr.’s term expires in 2029?

He or she will be appointed, of course, by whoever will be the next president of the Republic in 2028. Both questions are on everyone’s mind and depending on the answer, may be nausea-inducing for bankers.

It’s a valid question even though the indefatigable Grade A- central banker Gov. Eli, appointed in July 2023, still has four years left in his term, which ends in July 2029.

Whoever will be appointed will have big shoes to fill and must be in the league of some of the world’s best central bankers who have occupied BSP’s Room 501, including the two-termer Amando Tetangco Jr.

“Dapat hindi lightweight,” says a source I chatted with at the Bankers’ Night.

But as they say, only destiny can bring one to Room 501 of the BSP, just as it is with the presidency.

A source says that one scenario, if destiny allows it, is that Vice President Sara Duterte will win the presidency and her political ally and kingmaker Gloria Macapagal-Arroyo will handpick the next BSP chief and finance secretary. The source speculates that GMA, whose deus ex machina moments no doubt altered the course of Philippine history, may choose from her Ivy League-educated Cabinet members.

But is a Sara Duterte presidency acceptable to businessmen, some of whom are still traumatized by Rody Duterte’s unorthodox leadership? I guess we will find out in 2028.

As for the next BSP governor, he or she will no doubt do a lot of heavy lifting, especially with the Philippine economy not particularly looking good under the Marcos administration amid the fallout from the flood control scandal, the global challenges and the lack of economic catalysts locally.

It’s a tough role to be the BSP governor, for sure. One has to balance inflation, manage growth, stabilize the currency and steer interest rates – all independently, free from political interference.

Kudos of course to Gov. Eli for his ever cool demeanor even if the sky – I mean the peso – is falling.

‘Bright spot’

At the Bankers’ Night, he appeared in his usual relaxed self, welcoming industry leaders and fellow regulators.

In his welcome speech, Gov. Eli highlighted “innovation, inclusion, integrity.”

On innovation, 24/7 settlement and cross-border instant payments are among the BSP’s priorities.

Inclusion covers the BSP’s push for initiatives such as retirement accounts and new policies aimed at helping those affected by disasters.

His emphasis on integrity was a necessary move, especially in light of the grand thievery of flood control funds.

The banks, he said, are a bright spot in the economy.

“We’re inspired by what you do in your banks. For many decades you kept depositors’ trust and they know they can go to you when they need a loan,” Gov. Eli added.

The newly renovated PICC was a fitting venue for the occasion, which the BSP showcased ahead of ASEAN 2026 which the Philippines will chair.

Bankers were all smiles, and even those who would usually leave earlier lingered late into the night, briefly forgetting the economy’s troubles.

There was a lot of banter and ribbing. I overheard RCBC chairman Helen Yuchengco-Dee talking in jest – or was it serious? – to BPI president and CEO TG Limcaoco about pirating some BPI officials into the Yuchengco-led bank. It’s no secret that RCBC prexy Reggie Cariaso came from BPI Capital.

And then there’s Lance Gokongwei, who was all praises for hotelier Pat Puyat-Palanca, who has been pirated by Megaworld.

Chinabank’s Hans Sy and Monetary Board member Jojo Querubin reminisced about their mechanical engineering days at De La Salle, with Mr. Hans revealing Mr. Jojo’s moniker as crush ng bayan.

I shared snaps with RCBC chief innovation officer, FinTech Alliance PH founding chairman and The STAR’s business columnist (Bytes) Lito Villanueva when we posed with Finance Secretary Frederick Go, the newest member of the Monetary Board.

Among the first guests I bumped into were Filinvest Development Corp. chairman Jonathan Gotianun whom I congratulated for the world-class Crimson Boracay where I had a pleasant stay last year.

He said the group really tries to offer the best service, although tourism has its own set of challenges.

“We really try our best,” he said. I told him that indeed I experienced that at Crimson Boracay, which was also quite a gastronomic adventure. That’s thanks to the foreign chefs in the resort, he added.

I also congratulated Philippine National Bank president and CEO Edwin Bautista for the lender’s strong performance.

Bumping into PDIC president and CEO Roberto Tan, I told him I hoped that PDIC’s funds, earlier remitted to the Treasury, would be returned – to which he simply replied with his trademark enigmatic smile.

This year’s Bankers’ Night was another fun evening, although, as always, one can gather all the bankers in one place relaxed under the stars and still feel the quiet anxieties about the economy’s future.

As for me, I left the venue wondering – was the next BSP governor present at the Courtyard that night, quietly observing the system he or she may later inherit?

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Email: [email protected]. Follow her on X @eyesgonzales. Column archives at EyesWideOpen on FB.