Monetary Board appoints new BSP deputy governor

Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier (CDN FILE PHOTO)

MANILA — The Monetary Board, the Bangko Sentral ng Pilipinas’ highest policy-setting body, filled up, on Thursday, the post left vacant by Governor Nestor A. Espenilla Jr., designating Chuchi G. Fonacier as the new deputy governor of the supervision and examination sector (SES).

“I’m happy to inform you that the Monetary Board approved today the appointment of Chuchi Fonacier as DG-SES, my successor,” Espenilla told reporters on Thursday.

As such, Fonacier will be mainly responsible for the regulation of banks as well as other BSP-supervised financial institutions.

“Under her direct supervision are inclusive financial advocacy unit, technical services staff, administrative and operations group, and four sub-sectors, which handle onsite examination and inspection, offsite supervision, financial literacy,  consumer affairs, financial data collection,  and policy studies,” the BSP said in a statement.

Fonacier started her central banking career at the BSP as a bank examiner in 1984, eventually becoming assistant governor this year.

The highlights of Fonacier’s central banking career include her role in the development of programs that encouraged consolidation among cooperative, rural and thrift banks, as well as policies and procedures intended to accelerate resolution of banking issues, according to the BSP.

Fonacier finished her Bachelor of Science in Commerce, major in Accounting degree at the La Salle College-Bacolod, after which she became a certified public accountant.

She also obtained a Master in Business Administration from the Ateneo de Manila University.  SFM