Nestor Espenilla a ‘passionate, collaborative reformer’ as Bangko Sentral chief

MANILA, Philippines — Bankers said the late Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. left a legacy of a stronger and more inclusive banking system in the country.

Bankers Association of the Philippines president Nestor Tan said Espenilla fought the good fight and finished the race as the BSP governor.

“His legacy and dedication to the BSP and its constituencies will never be forgotten and his work will be a foundation in building a stronger Philippine banking industry for future generations,” Tan said.

Tan, who is also president and chief executive officer of BDO Unibank Inc., said Espenilla’s leadership resulted in progressive reforms that now support a stronger Philippine banking system, including the enactment of the New Central Bank Act. 

“His focus on creating a safe, inclusive, and reliable payment system for the unbanked was evident with the establishment of the National Retail Payment System.” Tan added.

Lynette Ortiz, chief executive officer at Standard Chartered Bank, described Espenilla as a “passionate and collaborative reformer.”

Ortiz said the foreign bank is the country’s sovereign credit ratings advisor supporting economic activities and investment roadshows and is also a staunch supporter of the BSP’s promotion of financial education and inclusion.

“The Governor’s valuable contributions go beyond his key initiatives to strengthen central bank capabilities,” she added.

ING Bank Manila country manager Hans Sicat said Espenilla’s short term as BSP governor was characterized by thoughtful professionalism.

“It was also timely that he led a regulatory institution through the digital disruption that’s occurring in the financial services industry. Embracing the wider engagement and potential consequences of the digital age has been one of his important reforms,” Sicat said.

Much more than the policy advocacies he championed, Sicat has fond memories of Espenilla during their time together in the same squad of Bravo Company, Field Artillery Unit, as Reserve Officer Training Corps (ROTC) cadets at the University of the Philippines.

“Even up to the recent months, he found time to respond to some of my text messages, despite being busy and battling sickness. He was also a good role model for the younger generation,” Sicat said.

Security Bank Corp. president and CEO Alfonso “Yogi” Salcedo said Espenilla’s 40-year experience as a central banker led the banking industry into unchartered waters of technological innovation and transformation.

“Indeed, Governor Espenilla fought the good fight and finished the race in completing his vision to the banking industry,” Salcedo said.

FinTechAlliance.ph chairman Lito Villanueva said Espenilla was an exemplary and transformational leader and a known “regulator-disruptor” who made economic inclusion his mantra.

“Letting innovations thrive was one of his legacies allowing fintechs and similar players to provide alternative and affordable access to financial services. He made digital as a tool to harness efficiencies, collaboration, and interoperability in the industry,” Villanueva said.

State-run Land Bank of the Philippines added Espenilla was an exemplary public servant and a pillar of the banking industry.

“During his tenure in BSP, he fortified the supervision of banks and pushed for reforms that help solidify financial stability, and advocated programs for financial inclusivity,” Landbank said.