Amid the criticism he drew over his recent remarks on the peso, Bangko Sentral ng Pilipinas Gov. Eli Remolona Jr. still found some allies.
One of them is veteran market analyst Jonathan Ravelas, senior adviser at Reyes Tacandong and Co.
In a social media post, Ravelas argued that ‘saving is not just a personal financial habit, it’s an economic strategy.’
Ravelas was weighing 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 said raising the country’s savings rate could help strengthen the Philippines’ external position, particularly given Filipinos’ strong consumption culture.
Ravelas agreed that a nation that saves more would be better prepared to weather economic shocks.
But 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, he said.
‘The path to a stronger economy starts not only in boardrooms and government offices, but around every Filipino family’s dining table,’ Ravelas said.
Perhaps, then, Remolona’s savings sermon has found a receptive audience after all. – Ian Nicolas P. Cigaral
AREIT brings in the big guns
AREIT Inc. is beefing up its capital markets expertise as the Ayala-backed real estate investment trust prepares for its next phase of expansion.
The company has appointed Eduardo Javier Carballo as chief operating officer effective Sept. 7. He will report directly to AREIT president and CEO Alberto de Larrazabal.
Carballo brings more than 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.
In previous regional leadership roles, he led about $20 billion in bond issuances and another $20 billion in loan financings.
Before joining AREIT, Carballo was managing director and head of debt capital markets for Southeast Asia and India at Credit Agricole Corporate and Investment Bank in Singapore from 2022 until June this year.
AREIT said the 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,’ De Larrazabal said, adding that Carballo’s capital markets experience would support AREIT’s long-term growth.