Bangko Sentral ng Pilipinas. (File photo / Philippine Daily Inquirer)
Deputy Governor Almasara Cyd Tuaño-Amador will serve as the Bangko Sentral ng Pilipinas‘ officer-in-charge until President Duterte chooses the next person to head the monetary regulator.
In a statement confirming the death of Governor Nestor Espenilla Jr. following a 15-month battle with cancer, the central bank said Tuaño-Amazon was designated as temporary head by the Monetary Board – the highest policy making body of the BSP – “until such time that President Duterte shall have designated an OIC or appointed a successor.”
The decision to make Tuaño-Amador OIC was made in a special Monetary Board meeting following Espenilla’s death late Saturday and will be effective immediately.
In the same statement, the BSP said Espenilla, 60, died peacefully, “surrounded by members of his family.”
Espenilla was appointed by President Duterte on July 3, 2017. He concurrently served as ex-officio chair of the Anti-Money Laundering Council, the Philippine International Convention Center, and the Financial Stability Coordination Council.
“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,” the central bank said. “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.
Espenilla 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 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. /cbb