BSP chief Espenilla passes away at 60

MANILA, Philippines — The Bangko Sentral ng Pilipinas on Sunday confirmed that its governor and Monetary Board Chairman Nestor Espenilla Jr. passed away after battling against cancer. He was 60.

“It is with deep sadness that the Monetary Board announced that Bangko Sentral ng Pilipinas Governor and Chairman of the Monetary Board Nestor A. Espenilla, Jr. peacefully passed away on 23 February 2019 surrounded by members of his family,” BSP said.

Espenilla had been undergoing treatment for tongue cancer for more than a year and had been on intermittent leave since.

Last month, Espenilla went on a two-week medical leave to seek medication abroad.

The central bank governor is survived by his wife Maria Teresita Festin Espenilla, daughter Jacqueline Joyce, son-in-law Ben Baltazar, sons Nikko Nestor and Leonardo Nestor, and grandchild Zev Eron.  

Espenilla was appointed by President Rodrigo Duterte on July 3, 2017. He was supposed to serve the post for six years.

'Legacy of sound banking policies'

Aside from serving as governor and chair of the Monetary Board, Espenilla also concurrently served as ex-officio chairman of the Anti-Money Laundering Council, Philippine International Convention Center and the Financial Stability Coordination Council.

The central bank said that under his leadership, the agency “continued to pursue major reforms under the theme 'Continuity Plus Plus' covering monetary and financial policies, as well as the BSP organizational structure.” He also led the digitalization of the retail payment system in the country for a more inclusive and efficient financial system.

Meanwhile, lawmakers and journalists also expressed their sympathy for the passing of Espenilla.

“His legacy in BSP of sound banking policies for the protection of our financial system and the economy shall live on,” Sen. Richard Gordon said on Twitter.

Malacañang also said it is saddened by the untimely demise of Espenilla.

"As we express our condolences to the family, friends, colleagues and loved ones of Governor Espenilla, we express our gratitude to the man once in charge of disciplining banks for his complete devotion to his work and great service to the nation," presidential spokesperson Salvador Panelo said.

The BSP said details of Espenilla’s wake have yet to be announced. — Rosette Adel