Press Statement of Presidential Spokesperson Ernesto Abella
Rizal Hall, Malacañan Palace
08 May 2017
President Rodrigo Duterte announced today the appointment of Nestor Espenilla as the successor of Amando Tetangco Jr. as Bangko Sentral ng Pilipinas Governor.

After months of waiting, Espenilla’s appointment is highly welcomed by the market, noting his deep and excellent monetary policy and banking regulatory experience.

His work has helped strengthen the country’s banking system and placed it among the healthiest in ASEAN.

One could say that Espenilla has served as co-pilot of Governor Tetango as he helped the country navigate to the different financial crisis faced by the country and the region.

Having been with the BSP for 36 years, Espenilla has all the right tools and experience to take on the governorship post.

Deputy Governor Nestor Espenilla Jr. heads the supervision and examination sector which oversees the supervision of banks and other non-bank financial institutions, under the jurisdiction of the Bangko Sentral ng Pilipinas (BSP).

Mr. Espenilla Jr. has been with the BSP since 1981 and has worked in economic research, international operations, and in the Office of the Governor.

He has seconded to the IMF in 1990 to 1992.

Mr. Espenilla Jr. serves concurrently in various BSP high-level policy committees – Advisory Committee on Monetary Policy, Financial Stability Committee, Inclusive Finance Steering Committee, and Payment and Settlements Steering Committee.

He is BSP representative to the Capital Markets Development Council, alternate Board Member to the Philippine Deposit Insurance Corporation, and alternate Vice Chair of the Agricultural Credit Policy Council.

Mr. Espenilla Jr. represents the BSP at the G20 Global Partnership for Financial Inclusion and in the Basel Consultative Group where he chairs the Work stream on Financial Inclusion.

Mr. Espenilla has earned a BS in Business Economics, Magna Cum Laude and an MBA from the University of the Philippines and an MS in Policy Science from the graduate institute of Policy Science GRIPS in Tokyo, Japan.

End of statement.