Nestor Espenilla
Nestor A. Espenilla Jr. | |
---|---|
4th Governor of the Bangko Sentral ng Pilipinas | |
In office July 4, 2017 – February 23, 2019 | |
President | Rodrigo Duterte |
Deputy | Diwa Guinigundo Ma. Almasara Tuaño-Amador Chuchi Fonacier |
Preceded by | Amando Tetangco Jr. |
Succeeded by | Benjamin Diokno |
Personal details | |
Born | Nestor Aldave Espenilla Jr. October 12, 1958 Tongue cancer |
Spouse | Maria Teresita Festin |
Children | 3 |
Alma mater | University of the Philippines National Graduate Institute for Policy Studies |
Profession | Banker, economist |
Nestor Aldave Espenilla Jr. (12 October 1958 – 23 February 2019) was a Filipino banker who served as the fourth governor of the Bangko Sentral ng Pilipinas (BSP) from 2017 until his death in 2019. He began working for the BSP in 1981 and was a deputy governor under his predecessor Amando Tetangco Jr.[1][2]
Early life
Espenilla was born in Manila to Nestor Espenilla, Sr. and Arminda Aldave-Espenilla, the only son in a family of five. When he was 10 years old, his mother established a small rural bank, the Rural Bank of San Jacinto (Masbate), Inc., which grew and now has several branches in the province and in neighboring Sorsogon Province. The bank was managed by his three sisters.[3][4][5]
Education
Espenilla graduated from the Ateneo de Manila High School in 1977. He then graduated with a
Career
After graduating from the University of the Philippines in 1981, Espenilla was hired by the Bangko Sentral ng Pilipinas as a debt analyst.
BSP deputy governor
As deputy governor, Espenilla was responsible for the BSP's regulatory policies with regards to the entire banking system, playing the "
Espenilla also sat as the BSP's representative to the
In August 2016, Espenilla ordered the P1 billion-fine against Rizal Commercial Banking Corporation, which is owned by the Yuchengco family. The bank was involved in the 2016 Bangladesh Bank robbery, having been used by hackers to launder and withdraw $81 million which was stolen from Bangladesh Bank's account in the Federal Reserve Bank of New York.[3][10]
Espenilla also led the establishment of the National Retail Payment System (NRPS), a framework which will be used for the Philippines' gradual shift from
BSP governor
Philippine President Rodrigo Duterte appointed Espenilla as BSP governor on 8 May 2017 and assumed office on 3 July 2017. He bested other contenders for the position, including former Philippine President Gloria Macapagal Arroyo, fellow BSP deputy governor Diwa Gunigundo, EastWest Bank vice chairman and CEO Antonio Moncupa Jr. and former Trade and Industry Secretary Peter Favila. His selection was hailed as a wise decision by several key personalities in the government and the banking sector, including Tetangco, Finance Secretary Carlos Dominguez III, Security Bank president and CEO Alfonso Salcedo Jr. and ING Bank Manila senior economist Joey Cuyegkeng.[2][3][7][15][16] Under his leadership, the BSP continued to push reforms under the "Continuity Plus Plus" theme. Digitalization of the country's retail payment system was also spearheaded under his term. In 2018, under his tenure, Congress passed an act amending the BSP Charter. On February 16, 2019, almost a week before his death, President Duterte signed the act into law effectively "strengthening BSP's capacity to foster price and financial stability".[17]
Personal life
Espenilla was married to Maria Teresita Festin-Espenilla, a microfinance specialist for the United States Agency for International Development (USAID), and had a daughter and two sons with her. They met at the University of the Philippines while studying for their master's degrees.[18] Espenilla enjoyed his free time either playing golf, bowling, badminton or going to the gym. He also liked going on long walks with his dog (potentially on the beach), watching TV or movies and cooking for his family on Sundays.[8]
Death
Espenilla died on 23 February 2019 at the age of 60 due to complications brought about by tongue cancer.[19] He had been undergoing cancer treatment for more than a year.[20]
References
- ^ a b "Turnover of the BSP Governorship". Bangko Sentral ng Pilipinas. 3 July 2017. Retrieved 3 July 2017.
- ^ a b c d Dumlao-Abadilla, Doris (9 May 2017). "Selection of 'insider' to head BSP hailed". Philippine Daily Inquirer. Retrieved 10 May 2017.
- ^ a b c d e f g h i j Rimando, Lala (8 May 2017). "Who is new BSP governor Nestor Espenilla?". Rappler. Retrieved 27 July 2017.
- ^ "Statement of Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. Re: Legacy Banks". Bangko Sentral ng Pilipinas. 8 February 2009. Retrieved 27 July 2017.
- The Philippine STAR. Retrieved 27 July 2017.
- ^ a b "Deputy Governor Nestor Espenilla Jr. appointed next Bangko Sentral ng Pilipinas chief". The Asian Banker. 9 May 2017. Retrieved 27 July 2017.
- ^ The Philippine STAR. Retrieved 27 July 2017.
- ^ a b Remo, Michelle (26 September 2011). "Philippine central bank's top guns". Philippine Daily Inquirer. Retrieved 27 July 2017.
- ^ Fojas, Sarah Grace (4 June 2017). "Governor, Signing Off". Manila Bulletin. Retrieved 27 July 2017.
- ^ a b c d e "Philippines' Espenilla: publicly positive appointment, but behind closed doors…". Euromoney. 9 June 2017. Retrieved 28 July 2017.
- ^ Rosero, Earl Victor. "Advances, insufficient assets led to LBC bank closure – BSP". GMA News Online. Retrieved 28 July 2017.
- ABS-CBNnews.com. Retrieved 28 July 2017.
- ^ Lucas, Daxim (8 May 2013). "CA lifts freeze order on Ongpin bank accounts". Philippine Daily Inquirer. Retrieved 28 July 2017.
- The Philippine STAR. Retrieved 28 July 2017.
- ^ Lema, Karen (8 May 2017). "Philippines picks central bank insider Espenilla as next governor". Reuters. Retrieved 28 July 2017.
- ^ Cabuenas, Jon Viktor (8 May 2017). "Central banker Espenilla succeeds Tetangco as BSP governor". GMA News Online. Retrieved 28 July 2017.
- ^ "President Duterte Signs BSP's Charter Amendments Into Law". Bangko Sentral ng Pilipinas. 16 February 2019. Retrieved 24 February 2019.
- ^ Arnaldo, Ma. Stella (11 May 2017). "BSP's gentle giant gets ready for his close-up". BusinessMirror. Retrieved 27 July 2017.
- ^ Lopez, Melissa Luz (February 23, 2019). "Central bank chief Espenilla passes away". BusinessWorld. Retrieved February 24, 2019.
- ^ "BSP Statement on the passing of Governor Nestor A. Espenilla, Jr". Bangko Sentral ng Pilipinas. 24 February 2019. Retrieved 24 February 2019.