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.
Governor Espenilla was appointed by President Rodrigo Roa Duterte on 3 July 2017. He concurrently served as ex-officio Chairman of the Anti-Money Laundering Council (AMLC), Philippine International Convention Center (PICC) and the Financial Stability Coordination Council (FSCC).
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. He also 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 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.
In a special meeting held on the same day, the Monetary Board designated Deputy Governor Maria Almasara Cyd Tuaño-Amador as BSP Officer-in-Charge effective immediately until such time that President Rodrigo Duterte shall have designated an OIC or appointed a successor.
Prior to his appointment as Governor, 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. He 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.
He had a bachelor of science degree in business economics, graduating magna cum laude, an MBA from the University of the Philippines, and a master of science degree in policy science from the Graduate Institute of Policy Science (GRIPS) in Tokyo, Japan. He 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.
The details of viewing will be announced later.