Senior Assistant Governor

Johnny Noe E. Ravalo Official Photo


Senior Assistant Governor
Office of Systemic Risk Management

Dr. Johnny Noe E. Ravalo has led the Office of Systemic Risk Management, the BSP’s financial stability unit, since its inception in January 2017. In this capacity, he likewise leads the Secretariat for the Financial Stability Policy Committee (FSPC), the BSP’s oversight body for Financial Stability matters, and the inter-agency Financial Stability Coordination Council (FSCC), respectively. He also provides technical and administrative support to the Governor in the latter’s participation in various initiatives of the Financial Stability Board (FSB), including the Governor’s co-chairmanship of the Regional Consultative Group for Asia (RCGA).

Prior to his current designation, Dr. Ravalo led the policy, financial literacy, consumer protection, licensing, and data management initiatives of the then Supervision and Examination Sector (now Financial Supervision Sector). He joined the BSP just as the Global Financial Crisis was unfolding and was heavily involved in formulating immediate response measures. He then led various teams that introduced key regulations and reforms, including all elements of the Basel 3 framework. He likewise contributed in the formulation of other pre-emptive measures, such as the Real Estate Stress Test (REST) and the Internal Capital Adequacy Assessment Process (ICAAP). He has been a strong advocate of streamlining supervisory regulations and the liberalization of bank licensing requirements, while minimizing any regulatory differences in the treatment of domestic banks versus foreign bank branches.

Several “firsts” are attributable to Dr. Ravalo. As the lead SES-officer for the 2010 IMF-WB Financial Sector Assessment Program (FSAP), Dr. Ravalo devised what will essentially become the Uniform Stress Test, which banks still periodically undergo today. Among others, he authored the BSP’s first macroprudential policy, providing the risk treatment of non-deliverable forwards (NDFs) while recognizing their role in market transactions. He likewise co-wrote the original Consumer Protection Framework of the BSP.

He is a champion of financial literacy, conducting campaigns within the country and leading various teams offering innovative programs to stakeholders. He was the principal author of the BSP Issues Management Communication Strategy, which was first formulated under Governor Amando M. Tetangco Jr., and drafted a related framework when Governor Nestor Espenilla Jr. created an ad hoc group to define communication lines and data flows.

He chaired the ASEAN Banking Integration Framework (ABIF) Committee within ASEAN and authored the four-layer ABIF Learning Roadmap, the structure of which was replicated subsequently in other ASEAN committees.

Dr. Ravalo authored chapters of several BSP books, including the“Central Banking in Challenging Times: The Philippine Experience,” the “Philippine Central Banking: A Strategic Journey to Stability,” and the BSP’s books on financial literacy.

While at the private sector, Dr. Ravalo served as the first Chief Economist and designated Spokesperson of the Bankers Association of the Philippines from 1994 to 2002, during which time he was directly involved in the market efforts through the Asian Financial Crisis of 1997 and the local market disruptions in 1999. He was actively involved at Board-level discussions of reforms and various legislative initiatives. After his time at the BAP, he was requested to assist in legislative work in Congress and at the Senate. He has had several consultancy engagements with the USAID, the ADB, the ADB Institute, and SEACEN.

Dr. Ravalo is the first Filipino to complete a doctoral program in Economics at Boston University, where he also earned his master’s degree in Political Economy.

He obtained his undergraduate degree in Business Economics (Cum Laude) from the University of the Philippines School of Economics.