BSP Governor Remolona Gains Market Analyst Support Amid Peso Criticism

MANILA, Philippines — Despite facing criticism for his recent remarks on the peso, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. has found some allies. Veteran market analyst Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., argued on social media that "saving is not just a personal financial habit, it’s an economic strategy." Ravelas weighed in on the backlash against Remolona’s Aug. 27 remarks before the Senate, where the central bank chief explained to Sen. Erwin Tulfo why the peso has been under pressure. Remolona had said that raising the country’s savings rate could help strengthen the Philippines’ external position, especially given Filipinos’ strong consumption culture. Ravelas agreed that a nation that saves more would be better prepared to weather economic shocks. However, he added a caveat: "Saving alone is not enough." Households also need to spend wisely, invest in education and skills, support local businesses, and hold institutions accountable. "The path to a stronger economy starts not only in boardrooms and government offices, but around every Filipino family’s dining table," Ravelas said. This suggests Remolona’s "savings sermon" may have found a receptive audience after all. In a separate development, AREIT Inc., the Ayala-backed real estate investment trust, is bolstering its capital markets expertise as it prepares for its next phase of expansion. The company appointed Eduardo Javier Carballo as chief operating officer effective Sept. 7. Carballo brings over 25 years of experience in debt capital markets, treasury strategy, investment banking, and large-scale financing across Asia-Pacific, the United States, Europe, and emerging markets. He previously held regional leadership roles, including managing director and head of debt capital markets for Southeast Asia and India at Credit Agricole Corporate and Investment Bank. AREIT stated that Carballo’s appointment would bolster its financing strategy, portfolio management, governance, and organizational execution as it expands its portfolio and broadens its funding sources. "We need to build the capabilities to match our ambition and scale," said AREIT president and CEO Alberto de Larrazabal, adding that Carballo’s capital markets experience would support AREIT’s long-term growth.