Espenilla is new Philip­pine bank gover­nor

New Straits Times - - Business -

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

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