Espenilla named Bangko Sentral chief

MANILA, Philippines - President Duterte has named Nestor Espenilla Jr. as new governor of the Bangko Sentral ng Pilipinas (BSP), replacing Amando Tetangco who will retire on July 3.

“The President has decided. Nestor Espenilla is the new BSP governor,” Finance Secretary Carlos Dominguez III said in a tweet yesterday. 

Dominguez said Espenilla will assume his post on the day Tetangco retires. 

“A very wise choice, after a thorough evaluation of the future needs of the country and of all the candidates. We were fortunate that Governor Tetangco carefully trained his potential successors,” Dominguez told The STAR in a text message.

Tetangco thanked the President for appointing an insider for the position.

“The choice of an insider in the person of Deputy Governor Espenilla ensures the continuity of our policy and thought process in the BSP,” he said.

“Espenilla is well respected in the banking community and highly regarded by other central banks and financial regulators both here and abroad. He is also well supported by the BSP family.”

“I am confident that with him at the helm, the BSP will continue to be a pillar of support to the economy, that should remain among the top performing economies in the world,” Tetangco said.

Veteran banker 

Espenilla is currently BSP deputy governor. He heads the Supervision and Examination Sector which oversees banks and other non-bank financial institutions.

He is a veteran central banker with over 35 years of experience, joining the BSP first as a working student.

He will serve as the 11th governor of the country’s central bank.

Espenilla, known as Nae or Nesting, rose through the ranks until he was appointed deputy governor in April 2005.

He steered the BSP towards the development and implementation of financially inclusive banking regulations that prioritized the needs of the Filipino consumer, including the institution of the trailblazing National Retail Payment System project.

He also promoted a more inclusive banking system that provides access and improved delivery of a broad array of financial services to micro, small and medium enterprises (MSMEs) and low-income individuals in unbanked and underbanked rural areas, through a flexible and proportionate regulatory approach. 

His pioneering efforts gained him international recognition as a subject matter expert in both emerging policy areas, leading to constant invitations to advise international bodies such as the Basel Consultative Group, the Global Policy Forum, the Better Than Cash Alliance and the Alliance for Financial Inclusion. 

He is also a Champion of Good Governance as he pushed major reforms by implementing good corporate governance practices, open competition, foreign bank entry liberalization, fair treatment of customers and financial transparency.

Espenilla graduated magna cum laude from the UP School of Economics and has a master’s degree in business administration from the UP College of Business Administration.

He also has a master’s in policy science from the Graduate Institute of Policy Science in Tokyo, Japan.

Espenilla’s appointment was welcomed by the Bankers Association of the Philippines, the Bank Marketing Association of the Philippines, among others. – With Edith Regalado, Lawrence Agcaoili