In this biography
Quick facts
- Born
- 5 February 1950
- Birthplace
- Manila, Philippines
- Country
- Philippines
- Nationality
- Filipino
- Known for
- Academic economics, national planning and central-bank leadership in 2022–2023
- Born
- 5 February 1950, Manila
- Education
- DLSU AB-BSC, 1970; UP MA Economics, 1976; Northwestern Economics PhD, 1983
- NEDA
- Socio-Economic Planning Secretary and director-general, July 1998–January 2001
- Monetary Board member
- 4 July 2011–30 June 2022
- BSP governor
- 1 July 2022–2 July 2023, according to the BSP register
- Successor
- Eli Remolona
Why this life matters
His career connects economic research with public institutions where decisions are collective and outcomes depend on monetary policy, government action and external conditions.
Timeline
Key moments
Manila birth
Born on 5 February, according to his university-hosted CV.
Earned qualifications
Completed DLSU undergraduate study in 1970, passed the CPA exam in 1971, earned a UP MA in 1976 and Northwestern PhD in 1983.
University administration
Served as UP planning-and-finance vice president in 1988–1991 and School of Economics dean in 1994–1998.
National planning
Held the concurrent planning-secretary and NEDA director-general appointment.
Monetary Board
Served as a member from 4 July 2011 until 30 June 2022.
Governor and board chair
Held the offices from 1 July 2022 to 2 July 2023.
Inflation and succession
Discussed policy constraints before the subsequent transition to Eli Remolona.
Accounting, economics and an academic career
Felipe Manguiat Medalla was born in Manila on 5 February 1950. His university-hosted CV records an AB-BSC in Economics-Accounting, cum laude, from De La Salle University in 1970 and the CPA examination in 1971. He later earned a UP master’s in Economics in 1976 and an economics PhD at Northwestern in 1983.
These were earned qualifications that supported a teaching and research career. His work addressed subjects including exchange rates, fiscal incentives, industrial policy and infrastructure. The progression from accounting to economics also preceded his responsibilities in university administration, where financial planning and institutional management were distinct from later national monetary-policy decisions.
University leadership and national planning
Medalla served as UP vice president for planning and finance from 1988 to 1991 and as dean of its School of Economics from 1994 to 1998. Under President Joseph Estrada he then became Secretary of Socio-Economic Planning and NEDA director-general, serving from July 1998 to January 2001.
The two national-planning titles belonged to one concurrent appointment, not two separate central-bank jobs. They involved coordinating economic planning and policy rather than running a private business. His later financial-sector work drew on this public and academic background, but holding an office does not by itself demonstrate a particular national growth or poverty result.
A Monetary Board member before becoming governor
He served on the Monetary Board from 4 July 2011 to 30 June 2022, with retention for another term announced in 2017. He subsequently succeeded Benjamin Diokno as BSP governor and chaired the board. The BSP’s official past-governors register gives his tenure as 1 July 2022–2 July 2023.
Those dates distinguish formal tenure from oath-taking or a successor’s arrival. Monetary policy is also exercised through a seven-member board: the governor’s public explanation of a decision should not be mistaken for unilateral personal authority. Eli Remolona succeeded him after the term expired; the checked appointment reporting does not establish a punitive dismissal or a particular political motive.
Inflation, external pressures and policy limits
Medalla led during elevated inflation, peso volatility and the reversal of pandemic monetary support. In a June 2023 speech he explained how global developments disrupted plans for a gradual exit from exceptionally low rates. He discussed monetary tightening alongside government food-import measures and recognised pressures outside the central bank’s direct control.
PSA subsequently reported June inflation of 5.4 percent, the fifth consecutive monthly deceleration, with food, transport and housing-related components contributing to the slowdown. It nevertheless remained above the 2–4 percent target. Declining inflation was an observed result, not proof that Medalla alone caused it or that the inflation challenge had been completed before his departure.
Quick answers
Frequently asked questions about Felipe Medalla
- When was Felipe Medalla BSP governor?
- The BSP’s official register records his term as 1 July 2022–2 July 2023.
- How did his NEDA and Monetary Board roles differ?
- He held a concurrent national-planning secretary/NEDA director-general appointment in 1998–2001, then served on the Monetary Board from 2011 before becoming governor in 2022.
- What degrees did Felipe Medalla earn?
- His CV records DLSU undergraduate study in Economics-Accounting, a UP MA in Economics and a Northwestern economics PhD.
- Did inflation return to target before his governorship ended?
- June 2023 inflation slowed to 5.4 percent but remained above the 2–4 percent target. The decline should not be attributed to one person alone.
Keep exploring
Lives connected to this story
- Benigno Aquino III
Read about the presidential period during which Medalla’s long Monetary Board service began.
- Yeoh Tiong Lay
Contrast central-bank and planning responsibilities with a private-sector construction founder’s career.
Sources and further reading
Explore the evidence
These references support the biography and offer further reading. Official records, first-person accounts and independent reporting provide different perspectives; image records document attribution and licensing.
- 1. DLSU Angelo King Institute · CV dated July 2023Birth, earned degrees and exact career chronology
This is a dated self-CV hosted by a university institute, not a claim that its positions remain current. Earned degrees and the two concurrent NEDA titles are kept distinct.
- 2. Bangko Sentral ng PilipinasOfficial past-governors tenure record
Use the official 1 July 2022–2 July 2023 bounds rather than substituting oath or successor dates.
- 3. International Monetary Fund · April 2023Institutional biography and policy discussion
- 4. Philippine Department of Finance2017 board retention and previous career
- 5. Presidential Communications OfficeSuccessor appointment and term expiry
- 6. Philippine Statistics AuthorityJune 2023 inflation data and components
The report was published after the measured month. Lower inflation remained above target and is not evidence of single-person causation.
- 7. Bank for International Settlements · speech reproductionJune 2023 account of policy constraints
The cumulative tightening cycle began before his governorship; do not attribute its entire 425-basis-point increase to his term. Forecasts remain forecasts.
- 8. Wikimedia Commons · BSPComplete government portrait and public-domain declaration
Photo pending permission. This previously used photograph is not displayed while its commercial-use permission remains unconfirmed. The biography remains available; its text and editorial dates have not been changed.
