Espenilla’s passing loss for gov’t: economic managers

FILE: BSP Governor Nestor A. Espenilla, Jr. at the launch of financial literacy program for schools, in partnership with the DepEd Philippines and BDO Foundation. (Photo: Bangko Sentral ng Pilipinas/Facebook)

MANILA — Economic managers said the government lost a valuable pubIic servant after Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. succumbed to cancer Saturday.

Budget and Management Secretary Benjamin Diokno said “it’s indeed a very sad day to see one of the hardworking co-workers in government go.”

He said Espenilla, who graduated magna cum laude with a bachelor of science degree in business economics at the University of the Philippines, “is one of our illustrious graduates at the UP School of Economics.”

He explained that the BSP chief, who was diagnosed with tongue cancer in November 2017, joined the central bank “right after his graduation and rose to governorship of the monetary institution after years of effective and excellent service as a banking regulator and anchor of monetary policy.”

He described Espenilla, fondly called Nesting by friends and colleagues, as “an esteemed member of the Duterte Economic team.”

“We will miss his rigorous analysis of domestic and international economic developments,” he added.

Espenilla took over the BSP helm on July 3, 2017 after the end of the two six-year terms of BSP Gov. Amando Tetangco Jr.

Prior to his appointment he headed, as a Deputy Governor, the central bank’s Supervision and Examination Sector, which oversees banks and non-bank institutions.

Relatively, Socioeconomic Planning Secretary and National Economic and Development Authority Director General Ernesto Pernia said he is “saddened” by Espenilla’s demise.

“He was an exemplar of a dedicated public servant with high competence and integrity,” he said.

“A big loss to BSP and the country. He’ll be missed,” he added.

Also, former Finance Secretary Cesar Purisima said he is “saddened to learn we have lost a great public servant and a faithful guardian of our economy.”

He said “Espenilla was both a product and a promoter of a strong, independent, competent, and professional Bangko Sentral ng Pilipinas.”

“In his long career up the ranks of the institution up until reaching the pinnacle as its chief, Gov. Nesting served with integrity and excellence. His lifetime of contributions to our economy strengthened the banking and financial system, expanded financial inclusion, and kept our macroeconomic fundamentals sound and stable,” he said.

Purisima said “our country owes a great debt of gratitude to a fine central banker — one whose tenure of service as the BSP’s chief many would agree to be much shorter than we all would have liked.”

“Nonetheless the legacy of his tireless work lives on in the robust institution he leaves behind. May his family find solace in that truth — my deepest condolences go out to them and his professional family in the BSP,” he added