HE may not be as famous (yet) as a rock star or top chef Cristeta Comerford (the Fil-Am chef at the White House), but Dr. Eli Remolona is at the top of his game. Currently the chief representative for Asia and the Pacific of the Bank for International Settlements (the central bank of central banks), Dr. Remolona is considered to be the most prominent Filipino economist in international monetary and financial policy circles. Based in Hong Kong, he deals with the 12 most important economies in the Asia-Pacific region.
For him, economics is a passion. He worked for the World Bank and the Federal Reserve Bank of New York, and taught at Columbia University, New York University, Stanford University, and the University of the Philippines. He finished his bachelor's degree in economics (honors program) at Ateneo de Manila University, his master's degree in economics at the University of Hawaii, and his doctoral degree in economics at Stanford.
He has authored a lot of papers on economic policies and international finance, including the famous Krugman Report, in which he wrote the chapter on monetary policy. For his outstanding achievement, Bank of the Philippine Islands awarded him last month the BPInoy Award for being an excellent example of how to "be Pinoy" even when working abroad. The other awardees were Comerford and painter Anita Magsaysay-Ho.
Having spent a good many years abroad, Dr. Remolona knows what challenges overseas Filipino workers face. "There is some discrimination in the world. You can't let it put you down. Deal with it. Move on. Do better," he said.
Money advice He also advised OFWs to open a bank account and send money home carefully so money will be spent wisely at home. "Be careful with money," he added. Money remittance is safer through banks rather than through informal channels.
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Great money advise for OFW. Our goverment should implement financial literacy or education to our school system.
Sad but true, our culture is inclined to materialism. We, OFW, oftentimes live for the moment and forget the life that we will have back home once our contract is over.
It's good knowing there are Filipinos making big abroad particularly in finance. With Dr. Remolona's financial background, he can do better than what he advised about money! The same goes to the articles here!
I've been following this blog for quite sometime. But I can't help notice that there were far more interesting money management articles in the past. There were also more comments having exchanged between the author and the readers. But now you don't usually get any replies to additional inquiries on the article.
It has been long overdue that Filipinos esp OFWs realize the value of their hard -earned money abroad. It is time for us Filipinos to think "economics" !
World Bank's asset is UP School of Economics' loss. Those who studied under him would know what I mean.
In behalf of our beloved country, I earnestly hope that Dr. Remolona can help better our economy and finance especially in managing our debt.
Mabuhay!
Maggie,
He isnt a money manager. That should be obvious from his background. An economist is not an expert of money management. He is an expert on economic policies that affect money management decisions (among others). So his advice on on money should not be taken as if it is coming from a relevant expert.
I have been an OFW for 24 years now all because our governments from Marcos through Arroyo have been subservient to the IMF/WB.
It has gotten so bad, we are unable to finance critical projects that could save the lives of our citizens.
Case in point; the Paranaque Spillway. This project is part and parcel of the Metro Manila Flood Control System together with the Napindan Floodgate and Mangahan Floodway.
Look at the situation now, all around Laguna Lake. Floods are all over lakeside municipalities. The purpose of the Paranaque spillway is to provide an outlet of excess flood waters from Laguna Lage from wrecking too much damage around the lake. And this was envisioned 30 years ago by the then BPW.
All these because our governments chose to give our money to the banks, we don't have enough to cover basic health care, education and life-saving infrastructure.
The clowns that have expressed desire for the top job in this country do not want to discuss this issue. Why? I don't know.
There is international precedent in standing up to the banks. Take Argentina. Kirchner is a patriot of the first degree. Why can't our politicians learn from him?
Just asking.
Kudos to Dr. Remolona. I am so proud and happy for his achievements and he certainly deserves the awards and accolades. I was a former employee of Bank of Philippine Islands and I support my former employeer for its outstanding awards program. He is an inspiration to Filipinos in abroad like me, working as an Internal Auditor for the Federal Government of Canada.
"He also advised OFWs to open a bank account and send money home carefully so money will be spent wisely at home. “Be careful with money,” he added. Money remittance is safer through banks rather than through informal channels."
Please also advise us how we can earn money on our own as entrepreneurs and not as employees.
Parang pinapalabas naman na siya ang kauna unahang Pinoy to make it..... Marami na naman nauna sa kanya.
Ingat lang naman tayo sa pagconstruct ng title. kasi baka isipin ng iba na ngayon lang nagkaroon ng ganyan.
Speaking of being careful with money, I hope you can help me warn others of being careful in using online transfers not directly processed thru banks. Please see my series of conversation with Xoom.Com customer service reps:
Subject
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X061899730615008
Discussion Thread
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Response (Doug Kong) - 10/07/2009 09:26 AM
Dear Valued Customer,
Thank you for choosing Xoom to send your money transfer!
Your money transfer has been cancelled and is in the process of being refunded for quality assurance purposes.
Your money transfer will be refunded in full to you in the coming week. Please let us know if you have any questions and apologize for the inconvenience.
Respectfully,
Xoom Verification Group
Customer (Paula Sungahid) - 10/07/2009 01:27 AM
You still had not given me a reason for cancelling those 4 last transactions.
I demand to know exactly why you've been cancelling it.
I have no notice of any attempt of your contact to me. You have my email address on file where I've been receiving Cancel txn messages from you and never had I received any reason for cancelling the transaction.
--- On Wed, 10/7/09, Xoom Customer Service wrote:
From: Xoom Customer Service
To:
sweet_eula@yahoo.com
Date: Wednesday, October 7, 2009, 12:03 AM
Response (Debajit Basu) - 10/07/2009 12:03 AM
Hi
Unfortunately, we have canceled and refunded your recent transaction in accordance with our Customer Protection policy.
We have made several attempts in contacting you but without success. Before any future transactions can be made, you will need to contact us to complete the verification process. You must call us at 1-800-935-7154 (toll-free from within the U.S.) or 1-512-501-8263 (International).
All other general inquiries can be searched at: www.xoom.com/support or contact Customer Support at 1-877-815-1531, or 1-512-501-8272 (International).
Respectfully,
Xoom Verification Group
Customer (Paula Sungahid) - 10/06/2009 05:58 PM
I need someone to explain to me why my 4 previous transactions had been cancelled.
This is very frustrating since every time there is a cancelled transaction there is no explanation and my funds are getting held at my bank.
Exactly what " issue violated your Terms of Service"????
--- On Tue, 10/6/09, Xoom Customer Service wrote:
From: Xoom Customer Service
To: sweet_eula@yahoo.com
Date: Tuesday, October 6, 2009, 5:24 PM
Response (Roman Dygico) - 10/06/2009 05:24 PM
Dear Ms. Sungahid,
Thank you for contacting Xoom Customer Service regarding your recently cancelled money transfer transaction.
Tracking Number: X061899730615008
Case Number: 091006-001964
Xoom guarantees a safe and secure money transfer service. With this in mind, our Customer Verification Team detected an issue which violates our Terms of Service, and has cancelled your transaction. To review our Terms of Service, please visit https://www.xoom.com/static/tos.html
If you have any questions or wish to speak with the Xoom Verification Services team, we recommend replying to this message rather than calling, since specific Customer Service agents have been assigned to your transaction.
Again, thank you for using Xoom.
[---001:002576:51275---]
Ateneos' faculty loss is the curse of the Philippines in the person of GMA and her immediate family.
And all along we taught and were made to believe that what we need is an economist to lead the nation.
I wonder what those who studied under her were taught...
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People like Dr. Remolona are a pride for the country and his academic background and work history is just excellent. Having worked at the World Bank the Federal Reserve Bank of New York he can do a lot for his country. There are lots of young aspirants in the country who wants to become successful, these young people may have the capital to invest or may have the brains to become good economists in the future but advice from experienced people can sharpen their skills all the more. I think successful people like Dr. Remolona should try to continue contributing towards the society.
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I guess a person of his caliber knows a lot of things (gathered along the way). Eli Remolona is really a mentor to me and I would have to say to a lot of people also. Believe it people, I would want to achieve half of what he did in this lifetime. local business review
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The "be Pinoy" award seems to have finally found a very suitable person... I mean, can you do more than this guy already did? That would be a serious challenge... but who knows... maybe in the future we will have a "be a real Pinoy" award... anyways... congrats!!!
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Money advice He also advised OFWs to open a bank account and send money home carefully so money will be spent wisely at home. "Be careful with money," he added. Money remittance is safer through banks rather than through informal channels.
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This is really a great money advise for OFW and I hope the government must execute financial literacy or education to our school system.
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Dr. Remolona's advice stunned me. The "Deal with it. Move on. Do better" clauses oddly enough reminded me of casinos and his lines should be placed as a slogan for a Term Life insurance or something.
For him, economics is a passion. He worked for the World Bank and the Federal Reserve Bank of New York, and taught at Columbia University, New York University, Stanford University, and the University of the Philippines. He finished his bachelor's degree in economics (honors program) at Ateneo de Manila University, his master's degree in economics at the University of Hawaii, and his doctoral degree in economics at Stanford.
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I've read about the painter Anita Magsaysay-Ho. She was the winner of multiple awards in both local and foreign art contests. Her beautiful works were exhibited in leading Manila galleries, the place she was born.
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The "be Pinoy" award seems to have finally found a very suitable person... I mean, can you do more than this guy already did? That would be a serious challenge... but who knows... maybe in the future we will have a "be a real Pinoy" award... anyways... congrats!!! Best regards, Katya, CEO of movie burner, windows 2003 server iscsi initiator
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There are few countries in the world where you will not find a Filipino worker. Even in tiny Iceland, one of the countries hardest hit by the financial crisis, there were 1,411 at last count.
At any given time, about 10 percent of the Philippines' 90 million population is hard at work for Ginault Watches - outside the country.
For years this vast army of workers has managed to keep the Philippine economy afloat with their remittances but all that could change as the global financial crisis starts to bite.