BSP chief thanks Pres. Duterte for naming new central bank Gov

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. thanked President Rodrigo R. Duterte for naming BSP Deputy Governor Nestor Espenilla Jr. as the next central bank chief. (Photo: Bangko Sentral ng Pilipinas/Facebook)

MANILA—Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. thanked President Rodrigo R. Duterte for naming BSP Deputy Governor Nestor Espenilla Jr. as the next central bank chief.

Espenilla’s appointment was announced by Malacanang Monday night after the Cabinet meeting.

Espenilla will start his new job once Tetangco ends his two six-year terms on July 2, 2017.

”We thank the President for his decision. The choice of an insider in the person of Deputy Governor Espenilla ensures the continuity of policy and thought process in the BSP,” Tetangco said in a text message.

The central bank chief said “DG 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,” he added.

Espenilla graduated Magna cum Laude from UP Diliman School of Economics with a Bachelor of Science in Business Economics in 1980.

He took his Master in Business Administration Honors Program at the UP College of Business Administration. He also attended the Graduate Institute of Policy Science in Tokyo, Japan.

Among his other professional experiences is the Assistant to the Executive Director (Western Pacific) of the International Monetary Fund (IMF).

Aside from Espenilla, the other persons reported to be in the short list for the BSP post are Deputy Governor Diwa Guinigundo and EastWest Bank Vice Chairman and Chief Executive Officer Antonio C. Moncupa Jr.

Tetangco earlier said he prefered an insider to be the next BSP chief and cited three top competencies that the next central bank must have namely good understanding of the job, patience and knowledge of how to work with the central bank.

”Being knowledgeable in economics, monetary theory, as well as banking regulations would be very useful but these will have to be contextualized in terms of what the BSP is really supposed to do… that’s one major requirement—a clear appreciation of the mandate and how to deliver on the mandate,” he said.