A TRIBUTE TO GOV. NESTING
As we gather today for our annual convention, the Chamber of Thrift Banks (CTB) remember and honor the late Governor Nestor “Nesting” Espenilla III for his dedicated public service, continued push for banking reforms, strong support for the important role of thrift banks and advocacy for greater financial inclusion through digitalization.
He was a skillful regulator, sincere, always willing to listen and engage with us on vital issues that would greatly impact the industry, changing the status quo if necessary. To him, BSP regulations should not be a hindrance to a progressive and dynamic thrift banking industry as it fulfills its mandate of providing credit to micro, small and medium-scale enterprises, consumers and housing, and thereby contribute to the growth of the Philippine economy.
The consumer was his foremost concern, thus he collaborated with CTB and other sectors of the industry on having a simplified and standardized bank-borrower loan mortgage agreement adopted by all banks. Now known as the Unified Loan and Mortgage Agreement (ULAMA), this document upholds consumer protection by affording consumers ease in comparison in terms and condition across the different players in the industry.
In response to Gov. Nesting’s unceasing and passionate call for banks to get seriously involved in BSP’s National Retail Payment System (and his other enabling regulations on financial inclusion), CTB membership in the Philippine Payments System continues to grow, providing electronic fund transfer facilities thru PESONet and InstaPay.
He was instrumental for setting CTB’s collaboration with FinTech companies such as FintQ as a means to accelerate digitalization in the industry. Gov. Nesting was indeed a “champion of the unbanked and underserved.” CTB continues to acknowledge his legacy through the collective efforts of its 47 member thrift banks who have embraced his enabling regulations on financial inclusion and digitalization.
Gov. Nesting will be greatly missed. His achievements will remain as a marker of his outstanding contribution to the national economy and the banking industry. Godspeed Gov!