President Duterte Pays Last Respects to BSP Governor Espenilla

President Rodrigo Roa Duterte on Tuesday, February 26, condoled with the family of Bangko Sentral ng Pilipinas Governor and Monetary Board Chairman Nestor A. Espenilla, Jr. who passed away on February 23 after battling cancer.

Espenilla, 60, underwent treatment for cancer for more than a year. His remains lie in state at The Arlington Chapel at Aeternum, Heritage Park.

Espenilla was appointed by President Duterte in July 2017 as BSP Governor and concurrently served as ex-officio Chairman of the Anti-Money Laundering Council (AMLC), Philippine International Convention Center (PICC), and the Financial Stability Coordination Council (FSCC).

Under his leadership, the BSP carried out major reforms that covered monetary policy, as well as the BSP organizational structure. He also spearheaded the digitalization of the retail payment system in the country for a more inclusive and efficient financial system.

Also during his tenure, the amendments to the BSP charter were finally passed, strengthening the central bank’s capability to deliver its mandate to promote price and financial stability and to foster a safe, efficient, and inclusive payment system.

Before becoming BSP governor, Espenilla was Deputy Governor in charge of the Supervision and Examination Sector (SES), which supervises banks and non-bank financial institutions under BSP jurisdiction. He focused on banking supervision, capital market development, credit policy, and financial inclusion.

Espenilla, who described himself as “homegrown” having joined the central bank in 1981, institutionalized risk-based and proportionate regulations and championed the issuance of regulations that promote financial inclusion and consumer protection.

He earned his Bachelor of Science degree in Business Economics from the University of the Philippines and graduated magna cum laude. He had MBA also from the University of the Philippines, and a Master of Science degree in Policy Science from the Graduate Institute of Policy Science (GRIPS) in Tokyo, Japan.

Meanwhile, Deputy Governor Maria Almasara Cyd Tuaño-Amador was designated as BSP Officer-in-Charge effective immediately until such time that President Duterte designates an OIC or appoints a successor. (PND)