BSP chief Espenilla dies at 60 after battle with cancer
Bangko Sentral ng Pilipinas (BSP) Governor and Chairman of the Monetary Board Nestor A. Espenilla, Jr. passed away at the age of 60 after battling with tongue cancer for almost a year.
In a statement on Sunday, BSP confirmed the death of Espenilla on February 23.
“It is with deep sadness that the Monetary Board (MB) announced that Bangko Sentral ng Pilipinas Governor and Chairman of the Monetary Board Nestor A. Espenilla, Jr. peacefully passed away on 23 February 2019 surrounded by members of his family. The Governor, 60, had been undergoing treatment for cancer for more than a year,” it said.
President Rodrigo Duterte appointed Espenilla as the central bank governor on July 3, 2017.
Espenilla was also an ex-officio Chairman of the Anti-Money Laundering Council (AMLC), Philippine International Convention Center (PICC) and the Financial Stability Coordination Council (FSCC).
Prior to his appointment as governor, BSP said he was Deputy Governor in charge of the Supervision and Examination Sector (SES), which supervises banks and non-bank financial institutions under BSP jurisdiction.
In that capacity, he focused on banking supervision, capital market development, credit policy, and financial inclusion. The BSP governor institutionalized risk-based and proportionate regulations, enabling BSP-supervised institutions to innovate business models and adopt digital financial services.
“He likewise championed the issuance of regulations that promote financial inclusion and consumer protection. He used to describe himself as 'homegrown' having joined the central bank in 1981,” said BSP.
BSP said that in a special meeting, the Monetary Board designated Deputy Governor Almasara Cyd Tuano-Amador as BSP Officer-in-Charge effective immediately until Duterte designated an OIC or appointed a successor.
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 also spearheaded the digitalization of the retail payment system in the country for a more inclusive and efficient financial system,” BSP said.
“During his tenure, the amendments to the BSP charter were finally 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,” it added.
Malacanang, in a statement, expressed its condolences to the family, friends and relatives of the University of the Philippines magna cum laude graduate.
Presidential Spokesperson Salvador Panelo said Espenilla would be best remembered by the ordinary Filipino people for making financial services closer to them by transacting mostly using non-bank channels.
“We are saddened to learn Saturday night the untimely demise of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Jr.,” he said.
“He pioneered a National Retail Payment System and introduced InstaPay, an electronic fund transfer system, and PESONet, an automated clearing house, which saw the Philippines' gradual shift from cash and check-based payments to electronic means,” he said.
Panelo said the Palace expresses its gratitude “to the man once in charge of disciplining banks for his complete devotion to his work and great service to the nation”.
Espenilla 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. Ella Dionisio/DMS
