BSP Governor Eli Remolona, Jr. (left) administered the oath of office to new Monetary Board member Romeo L. Bernardo in a ceremony held on Sept 14 , 2023 at the BSP head office in Manila
MANILA -After nearly three decades, economist Romeo Bernardo has returned to his “first love” — public sector policy work.
On Sept. 14, Bernardo took his oath of office as the newest member of the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP).
BSP Governor Eli Remolona Jr., who administered Bernardo’s oath of office, posted on social media X, formerly Twitter, that he was thrilled to welcome Bernardo to the board.
“I am confident that his insights will be invaluable to the board,” Remolona said.
“The Bangko Sentral is excited to have you on board and look forward to working with you. Together, we will continue to uphold the mandate of the BSP and make a positive impact on the Philippine economy.”
Bernardo, who will serve for a six-year term, joined Finance Secretary Benjamin Diokno, Bruce Tolentino, Anita Linda Aquino on the Monetary Board. Fiscal policy veteran Rosalia de Leon, who retired as national treasurer, is set to take her oath of office in the coming days, but one more board seat remains vacant to date.
Bernardo was undersecretary of the Department of Finance from 1990 to 1996 during the term of President Ramos, working with then Finance Secretary Robert de Ocampo.
He had worked at multilateral institutions, including the World Bank, International Monetary Fund and Asian Development Bank.
He also brings to the table his vast experience in the private sector, having served on the board of big publicly listed companies such as Bank of the Philippine Islands, Globe Telecom, Aboitiz Equity Ventures, Monde Nissin and RFM Corp.
He chaired ALFM Family of Mutual Funds and was a board member at Philippine Investment Management, Inc.
Bernardo was Philippine advisor to New York-based think tank GlobalSource Partners and had written insightful analyses on economic and socio-political issues.
He is cofounder and vice chair of advocacy group Foundation for Economic Freedom (FEF). Following his appointment to the Monetary Board, he has resigned as vice chair but still sits on the FEF board, similar to when former chair Felipe Medalla was appointed to the Monetary Board 12 years ago.
Bernardo is also cofounder and president of financial advisory firm Lazaro Bernardo Tiu & Associates, Inc.
He earned his Master of Arts in Development Economics from Williams College, Massachusetts and graduated magna cum laude with a Bachelor of Science in Business Economics from the University of the Philippines.