CEBU BANKERS WELCOME ESPENILLA’S APPOINTMENT AS BANGKO SENTRAL GOVERNOR
The man who will lead the country’s banking system until 2023 had “the least ambition” for the governorship of the Bangko Sentral ng Pilipinas (BSP), according to industry insiders. Expectations are high that when Deputy Governor Nestor Espenilla Jr. takes over, replacing the multi-awarded Gov. Amando Tetangco Jr., he will pursue digital finance and informal lending reforms, for banking services to reach more Filipinos. Tetangco’s term will end on July 2. Cebu Bankers Club President Eugene Rigodon, in a statement, said Espenilla’s more than three decades as a central banker bode well for the continuity of government monetary policies. The incoming governor first joined the central bank in 1981 as a debt analyst.
President Rodrigo Duterte has chosen BSP Deputy Governor Nestor Espenilla Jr. to succeed Amando Tetangco Jr.
The Cebu Bankers Club welcomed the appointment of Nestor Espenilla Jr. as the new governor of the Bangko Sentral ng Pilipinas (BSP) starting July this year.
In a statement, CBC president Eugene Rigodon took note of continuity and stability in monetary policies with Espenilla’s leadership. He will succeed the globally-recognized central banker Amando Tetangco Jr. when his term ends on July 2.
“Deputy Governor Espenilla is a career BSP employee who is well-rounded in his more than 30-year experience as a central banker. This means the next governor will surely implement continuity of monetary policies,” said Rigodon.
Espenilla, who joined the central bank in 1981 as a debt analyst, bested Deputy Governor Diwa Guinigundo, former Trade Secretary and Monetary Board member Peter Favila, and Eastwest Bank vice chair Antonio Moncupa.
“We have been endorsing an insider to replace Gov. Amando M. Tetangco Jr.,” said CBC past president Maximo Rey Eleccion in a text message yesterday. He expressed optimism in Espenilla’s captainship of the country’s banking system.
Espenilla graduated magna cum laude from the University of the Philippines with a degree in business economics and worked for an honors MBA degree in 1982. He steadily rose through the ranks and was appointed deputy governor in 2005.
With 35 years in the central bank, Espenilla has helped shape the country’s monetary policy, banking supervision and financial regulation, payments system oversight, capital markets development, currency management, consumer protection and financial inclusion advocacy.
He pushed for the institution of the National Retail Payment System, a framework meant to create a safe, efficient, and reliable electronic retail payment system that is interconnected and interoperable.
However, the man who will lead the country’s banking system until 2023 was said to have had the “least” ambition for the BSP governorship, and one who has the “least political connection,” according to industry insiders.
“For the bank clients and all Filipinos, the appointment of Mr. Espenilla will be very good news, too, as he will be instituting reforms for digital finance and informal lending as his priorities. This means, the BSP will ensure banking will be able to have a wider reach for all Filipinos,” said Rigodon.