Deputy Governor

Chuchi Fonacier Official Photo


Deputy Governor
Financial Supervision Sector

Deputy Governor (DG) Fonacier is the head of the Financial Supervision Sector (FSS), which is mainly responsible for the regulation of banks and other BSP-Supervised Financial Institutions (BSFIs). Under her direct supervision are five subsectors which handle onsite examination and offsite surveillance (or integrated supervision) of BSFIs including specialized supervision of specific areas (i.e., anti-money laundering, trust, financial market operations, and information technology), credit information system infrastructure, policy studies/research, and supervisory data management.

DG Fonacier joined the BSP in 1984 as a bank examiner and worked her way to become the deputy governor of the FSS in 2017. In 2008, she headed the BSP’s primary supervisory unit that handles specially-challenged banks. Under her watch, a record number of bank issues and developments were successfully resolved and implemented. She also led the development of various programs, in coordination with the Philippine Deposit Insurance Corporation (PDIC), aimed at strengthening the thrift, rural, and cooperative banking sectors by encouraging mergers, consolidations, and acquisition involving weak banks.

DG Fonacier is on her second and extended term as Chair of the Executives’ Meeting of East Asia Pacific Central Banks Working Group on Banking Supervision (EMEAP WGBS), composed of central bank and supervisory authorities from 11 countries in the East Asia and the Pacific which focuses on bank supervision matters that are relevant to EMEAP WGBS members. She is also currently the Chair of the Global Standards and Policy of the Alliance for Financial Inclusion and the BSP’s representative to the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) Plenary and Workstream 1 (Supervision/Micro-Prudential Practices).

She is the permanent alternate of the BSP Governor in the Board of Directors of the Philippine Deposit Insurance Corporation (PDIC) and the National Development Corporation (NDC).

DG Fonacier has served as panelist/resource person in various international conferences/fora on banking supervision, sustainable finance, financial technology and digitalization, financial inclusion, shadow banking, microfinance, bank resolution and crisis management, financial stability, capacity building, etc. organized by international bodies such as the United Nations (UN), International Monetary Fund (IMF)/World Bank (WB), Bank of International Settlements (BIS), Financial Stability Institute (FSI), Asia-Pacific Economic Cooperation (APEC), Asian Bankers Association (ABA), South East Asian Central Banks (SEACEN), and central banks and monetary/supervisory authorities of various countries.

DG Fonacier took up her Bachelor of Science in Commerce major in Accounting degree at the University of St. La Salle - Bacolod. She is a certified public accountant and a holder of a Career Service Executive Eligibility. She obtained her Master’s degree in Business Administration at the Ateneo de Manila University. She also attended the Program on Rethinking Financial Inclusion: Smart Design for Policy and Practice organized by the Harvard Kennedy School.