Palace wants next BSP governor to continue policies under Espenilla

MANILA – The next governor of the Bangko Sentral ng Pilipinas (BSP) should continue the policies under Nestor Espenilla Jr., Malacañang said Monday.

Espenilla, who was appointed by President Rodrigo Duterte to head the central bank in May 2017, died on Saturday after more than a year of battling tongue cancer.

Duterte, who is set to visit his wake this week, has yet to name Espenilla’s successor.

“I suppose it’s the continuity of the work done by the previous governor,” presidential spokesperson Salvador Panelo said at a news conference.

Under Espenilla’s 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.

He led the digitalization of the retail payment system in the country for a more inclusive and efficient financial system.

Amendments to the BSP charter were also passed into law, 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.

Panelo sidestepped the question on whether Duterte was inclined to pick an insider as BSP governor similar to what he did when he promoted then-deputy governor Espenilla to succeed Amando Tetangco, Jr. , who served two consecutive six-year terms.

“That’s the judgment call of the President. It’s his prerogative,” the Palace official said.

Prior to Espenilla’s appointment as BSP chief, local bankers were already vocal in their preference that someone from inside the BSP would take over.

Finance secretary Carlos Dominguez III said on Monday that there is already a shortlist of possible successors.

Among those possibly considered are the three current Deputy Governors: Diwa Guinigundo, who runs the BSP’s Monetary and Economics Sector; Chuchi Fonacier, who heads the Financial Supervision Sector; and Maria Almasara Cyd Tuaño-Amador, who heads the Corporate Services Sector.

Amador currently serves as the central bank’s officer-in-charge until Duterte appoints Espenilla’s successor.

Aside from the BSP insiders, among those who may also be considered for the top post are East West Banking Corp. president Antonio Moncupa, Jr. and Peter Favila, a member of the Monetary Board, BSP’s policy-setting body.

Dominguez said Duterte would make a decision “as soon as practicable.” (GMA News)

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