Palace mourns passing of Espenilla

FILE: BSP Gov. Nestor A. Espenilla, Jr. keynotes 2018 RBAP Annual National Convention in SMX Center, Davao on May 21 (Photo: Bangko Sentral ng Pilipinas/Facebook)

MANILA — Malacañang on Sunday mourned the passing of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Jr. on Saturday after a year of battling cancer.

“We are saddened to learn Saturday night the untimely demise of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Jr.,” Presidential Spokesperson Salvador Panelo said in a statement. ”Rest in peace, Governor Nesting.”

Panelo expressed condolences to Espenilla’s family, friends, colleagues and loved ones.

He also thanked Espenilla for his “complete devotion to his work and great service to the nation.”

Meanwhile, Panelo also recalled how Espenilla rose slowly but steadily through the ladder before his appointment as BSP Deputy Governor in 2005 and eventually, Governor, in 2017.

Panelo pointed out that Espenilla, University of the Philippines magna cum laude graduate, was best remembered for making financial services closer to Filipinos who transact mostly using non-bank channels.

Espenilla also pioneered a National Retail Payment System and introduced InstaPay, an electronic fund transfer system, and PESONet, an automated clearing house, Panelo said.

Panelo said these developments saw the Philippines’ gradual shift from cash and check-based payments to electronic means.

President Rodrigo R. Duterte appointed Espenilla as BSP Governor in 2017 after nearly 40 years of service in the institution, starting as a debt analyst in 1982.

According to a BSP statement, Espenilla concurrently served as ex-officio Chairman of the Anti-Money Laundering Council, Philippine International Convention Center, and the Financial Stability Coordination Council.

Under his leadership, the BSP continued to pursue major reforms under the theme “Continuity Plus Plus” covering monetary and financial policies, as well as the BSP organizational structure, the statement read.

It also noted that Espenilla spearheaded the digitalization of the retail payment system in the country for a more inclusive and efficient financial system.

During his tenure, the amendments to the BSP charter were passed, strengthening the capability of the central bank to deliver its mandate to promote price and financial stability and to foster a safe, efficient, and inclusive payment system.

Espenilla, 60, is survived by his wife Maria Teresita Festin Espenilla, daughter Jacqueline Joyce and son-in-law Ben Baltazar, sons Nikko Nestor and Leonardo Nestor and grandchild, Zev Eron.

Deputy Gov. Almasara Cyd Tuano-Amador has been designated as Officer-in-Charge effective immediately until such time that Duterte shall have designated an OIC or appointed a successor.