THE BANGKO SENTRAL ng Pilipinas’ (BSP) governor’s “A-” rating in a report card for global central bankers places him among the “top-performing” officials in the world and reflects the BSP’s performance in achieving its mandates.
“Philippine central bank governors have been receiving the highest awards in recent years amid effective monetary policy, inflation-targeting, relatively stable exchange rate, all of which help in fulfilling the price stability mandate, as well as financial stability and effective payment systems,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
BSP Governor Eli M. Remolona, Jr. received an “A-” rating from Global Finance magazine’s Central Banker Report Cards, the central bank said in a statement on Monday.
“Central bankers have waged war against inflation over the past few years, wielding their primary weapon: higher interest rates,” Global Finance founder and Editorial Director Joseph Giarraputo said in a statement.
“Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly,” he added.
The report card evaluates central bank governors across nearly 100 countries and territories. It seeks to “honor those bank leaders whose strategies outperformed their peers through originality, creativity and tenacity.”
The highest rating is an “A+” while the lowest is “F.” Central bank chiefs are assessed for their success in inflation control, currency stability, and interest rate management, among other indicators.
A total of fifteen central bankers were given an “A-” rating, including US Federal Reserve Chairman Jerome H. Powell. It also included central bank governors from Cambodia, Canada, Costa Rica, Dominican Republic, the European Union, Guatemala, Indonesia, Jamaica, Jordan, Mongolia, Norway, Peru and Sweden.
The only three central bankers who achieved an “A+” grade were heads of the monetary authorities of Denmark, India and Switzerland.
Meanwhile, central bank chiefs from seven countries obtained an “A” rating, namely Brazil, Chile, Mauritius, Morocco, South Africa, Sri Lanka and Vietnam.
Global Finance is set to release the full report on Central Bank Governors Report Cards in October.
In June 2023, President Ferdinand R. Marcos, Jr. appointed Mr. Remolona as BSP governor, succeeding Felipe M. Medalla. Mr. Remolona completed his first year in office on July 3.
The BSP chief previously worked at the Federal Reserve Bank of New York and the Bank for International Settlements. — Luisa Maria Jacinta C. Jocson