BSP honors Gov. Espenilla

The Bangko Sentral ng Pilipinas (BSP) paid tribute to the late Governor Nestor “Nesting” A. Espenilla Jr. for his exemplary service to the institution for the past 38 years until his passing Saturday, last week.

The BSP family – its officials, the BSP Employees Association, and the BSP Officers Club – were in

white during the necrological services on Thursday at the BSP headquarters in Manila.

The family of Espenilla received the BSP’s silver commemorative medal in appreciation of his leadership and commitment, as well as the institution’s flag for his “exemplary” service to the central bank.

Espenilla’s wife, Ma. Teresita F. Espenilla, accepted the medal and flag during the BSP’s necrological services and public viewing. Mrs. Espenilla thanked the BSP and the members of the Monetary Board for their support for her husband and for allowing him to “do his job while battling his illness.”

She also expressed gratitude to the three deputy governors, the BSP management team, and staff of the Office of the Governor for “faithfully steering the ship chartered by its captain” and “for always being there for Nesting … during the darkest times of his illness.”

Former BSP Governor Amando M. Tetangco Jr., in a eulogy, said it was a proud moment for him when 20 months ago, Espenilla was named governor. “I always believe that the best (for the BSP) … is someone from within the BSP,” he said, adding that no one will know the institution better than the person who has spent years as a productive member of the BSP.

Tetangco said Espenilla was a “man on a mission and in a hurry” and that he was “very much his own person.” But at times, he has had to remind Espenilla to “slow down, back off, or to push further.” “But his being ‘matigas ang ulo’ (hard-headed) is one of his best traits. And, he’s intuitive, (he will stick) to a job until its completion … he’s tireless.”

BSP Deputy Governor Diwa C. Guinigundo, who had worked with Espenilla for four decades, said what he will miss with Espenilla passing was his “deep wisdom, his quick wit, his generous laughter, and his valuable advice.”

Guinigundo said Espenilla had “utmost dedication to his job.”

“I, for one, would miss his singular courage and determination to get those critical reforms in the financial sector against some overwhelming resistance. He didn’t mind being called the bad cop because he was doing the right thing. (It) takes a great amount of integrity and courage to stand by your minority position … his advocacies were right. They were good for the health of the banks; and they were good for the entire Philippine economy,” he said.

Deputy Governor Chuchi G. Fonacier, who shared many work-related and personal stories about her former boss, said Espenilla’s contribution to banking supervision is critical to how far credit monitoring has gone.

In her eulogy, she disclosed a development she didn’t have time to impart to Espenilla: “Gov, I would like to share this with you even before I share this with the FSS (Financial Supervision Sector) people … S&P upgraded the BICRA (Banking Industry Country Risk Assessment) of the Philippines. Gov, (this came to be) because of your support. This is our ‘pabaon’ (farewell gift) because you built SES (Supervision and Examination Sector) to be what it is today.” S&P Global Ratings has previously reviewed the country’s BICRA based on the improved credit fundamentals of the local banking system. Fonacier said the BICRA for the Philippines has improved to “Group 5” from “Group 7” in 2011.

Deputy Governor Ma. Cyd N. TuanoAmador said in her eulogy that Espenilla lived a life with no regrets. Earlier, addressing the BSP crowd for the first time after Espenilla’s passing on February 23, she said the late BSP chief was a man in constant motion with big plans for the BSP. “His plate was always full of responsibilities and his time was gold. But he was never too busy to share his time with his family, his friends, and his staff.”

BSP Officers Club president Dr. Greg Suarez said Espenilla was a staunch supporter of their socio-civic activities such as their Christmas programs for street children and in helping people with congenital heart diseases. “He helped us silently. He’s really our ‘Dad’ in the BSP family.”

Suarez said that while most in the BSP were not comfortable about the changes Espenilla was making in the reorganization of the institution, he said he was humble enough to ask them to help bring the message. “He envisioned for all of us to grow as a holistic career central bankers,” said Suarez.

BSP Employees Association president Dennis Gamaya said Espenilla had always consulted his group on matters that will affect the whole of the BSP organization. "These meetings were productive and friendly, even informal, and benefits the more than 5,000 BSP workers since Espenilla who had ensured communication was open between his office and the employees," said Gamaya.

“He would ask us: How are you? What are the employees’ concerns? … He asked in a way that you know he is anticipating your reply and you’re sure he will listen to your reply. He asked in a way that you can feel his sincerity and genuine concern. These things left an impression on us,” said Gamaya in Filipino.

Both Tuano-Amador and Monetary Board member and former Deputy Governor Juan de Zuniga Jr. said Espenilla loved to spend time with his dogs. “He was happiest during quiet family moments when he could relax with his beloved dogs by his side … Gov. Nesting had a playful side…some would say a very sharp sense of humor…and he can laugh as loud – sometimes even louder – than any one of us,” said Tuano-Amador.

“There’s much humanism in him and he liked to talk about his dogs, and looking after his family,” said De Zuniga. He thanked Espenilla for his friendship, and especially for his trust in him, which he said was a “powerful motivator.”

Monetary Board members Bruce J. Tolentino, Antonio S. Abacan Jr., Felipe M. Medalla and Peter B. Favila also gave their eulogies during the BSP necrological services.

Tolentino said Espenilla had always encouraged him to learn as much as he could as Monetary Board member, and he had made himself available anytime for further discussions on monetary administration and the crucial reorganization of the central bank, which Tolentino said made him uncomfortable, at first. “There’s an important rationale for the reorganization and there’s rhyme and reason for restructuring … there’s a grand design,” he said.

Abacan said Espenilla has a “good heart and a good head” and this “best sums up who Gov. Espenilla is.” Favila said the BSP chief had a “short and fulfilled stay on earth,” and that he was “imaginative and innovative without being overbearing and going overboard.” Medalla, for his part, said Espenilla made a “big difference” inside and outside of the BSP, and that he was “always looking at unintended consequences of regulation.”

Espenilla passed away last Saturday, February 23. His remains were cremated Saturday, March 2.