Philippines’ central bank chief signals continuity

manila — Incoming Philippine central bank governor Nestor Espenilla vowed on Tuesday to strengthen oversight of the financial system to protect it from criminals even as he assured the market he would continue and build on his predecessor’s policies and reforms.

Espenilla, who now heads banking supervision, said he would also work with other agencies to develop the debt market to support Philippine President Rodrigo Duterte’s multi-billion dollar infrastructure plan.

“It’s all about continuing what we have been doing in our constant surveillance of the monetary and financial system to make sure that it is resilient and stable,” Espenilla said at his first news conference since he was named central bank chief on Monday.

Espenilla, who will take over from Amando Tetangco in July, plans to work with Congress to relax bank secrecy rules, include casinos in the anti-money laundering law and strengthen the

It’s all about continuing what we have been doing in our constant surveillance of the monetary and financial system to make sure that it is resilient and stable Nestor Espenilla, Philippine central bank governor

central bank’s charter to “increase the effectiveness of our oversight over the financial system.”

“We are deeply committed to protecting the integrity of the financial system against criminal elements,” Espenilla said.

“It is the BSP’s job to make sure that the banking system prevents the entry of illegal funds into the system. And also, if they enter the system, they should be detected by the system,” the 36-year veteran central banker said.

The exclusion of casinos from the current scope of the anti-money laundering laws and a strict bank secrecy law have made it difficult for authorities to track the money from the Bangladesh bank heist last year and identify the perpetrators. — Reuters