Banks, financial markets await appointment of new BSP chief

MANILA, Philippines — The banking community and financial markets are awaiting the appointment of a new central bank governor following the death of Nestor Espenilla Jr. after battling cancer for more than a year.

The Monetary Board designated Bangko Sentral ng Pilipinas Deputy Governor Ma. Almasara Cyd Tuano-Amador as officer-in-charge until such time that President Duterte shall have designated an OIC or appointed a successor.

Espenilla’s successor would serve the remainder of the six-year term of the late BSP chief.

Espenilla, 60, died last Saturday after a bout with tongue cancer that was diagnosed in November 2017. He was named successor of BSP Governor Amando Tetangco Jr. who served an unprecedented two six-year terms.

This early, possible candidates include Amador and fellow BSP deputy governors Diwa Guinigundo and Chuchi Fonacier.

Amador, 62, came out from early retirement and returned to the BSP in 2017 and now head the BSP’s corporate services division, while Guinigundo, 64, joined the central bank in 1978 and rose from the ranks to become a deputy governor in 2005, heading the monetary and economics division.

On the other hand, Fonacier, the youngest at 58, also rose from the ranks, starting as a bank examiner in 1984 until she was appointed deputy governor for financial supervision in 2017.

Monetary Board member and former trade secretary Peter Favila is also being considered for the position. Favila was appointed to his second six-year term as Monetary Board member in 2017 after serving from 2008 to 2014.

Finance Secretary and Monetary Board member Carlos Dominguez III is also high on the list of candidates.

Bankers are also possible candidates, including BDO Unibank president and chief executive officer Nestor Tan and Bank of the Philippine Islands’ Cezar Consing.

There are also dark horses in the race including East West Banking Corp. vice chairman and CEO Antonio Moncupa Jr. and former BPI president and CEO Aurelio Montinola III.