Espenilla is new Philippine bank governor
MANILA: The Philippines named Nestor Espenilla as its next central bank governor yesterday, promoting a deputy to signal a smooth handover from a widely respected incumbent who for years kept the country in a sweet spot of strong growth and low inflation.
The announcement comes ahead of a policy meeting on Thursday and ends months of speculation about what could be the most important appointment of Rodrigo Duterte’s presidency.
The 58-year-old Espenilla, the deputy governor in charge of banking supervision, will replace Amando Tetangco, who will step down in July as Bangko Sentral ng Pilipinas chief after 12 years, having served a maximum two terms.
“The choice of an insider... ensures the continuity of policy and thought process in the BSP,” said Tetangco in a text message to the media. Reuters