Gloria Macapagal-Arroyo lauds Espenilla

February 25, 2019

FORMER President now Speaker Gloria Macapagal-Arroyo praised Bangko Sentral ng Pilipinas Gov. Nestor Espenilla for his exemplary leadership in BSP.

In a statement, Speaker Arroyo extended her respectful condolences to the family of Espenilla, whose untimely death saddened not just the BSP but also the House of Representatives.

“We mourn the demise of Governor Nestor Espenilla, who steered the BSP with great dignity as he pursued his ‘Continuity Plus Plus’ program in response to the formidable responsibility that President Rodrigo Duterte entrusted him,” Speaker Arroyo said.

The House leader remembered Espenilla’s contribution in further strengthening the economic foundation of the country through economic policy.

Also during her presidency, according to Speaker Arroyo, Espenilla showed exemplary leadership as BSP Deputy Governor for the very sensitive Supervision and Examination Sector.

“I take pride in his accomplishments during my term, as I salute him for his work in the Duterte administration,” she added.

Espenilla died on Saturday after a battle with cancer. He was 60.

Espenilla, a veteran of more than three decades at the central bank when he took over as governor in July 2017, is credited for leading a move to digitize retail payments to broaden financial inclusively in a country where a fifth of the 105 million population lives in poverty.

The BSP Monetary Board named Deputy Governor Almasara Cyd Tuano-Amador as the interim officer-in-charge, until President Rodrigo Duterte names his own caretaker or appoints a new governor to complete the rest of Espenilla’s six-year term.

Espenilla was known for his monetary policy clout and expertise in banking supervision, driving reforms in the sector that included improving financial transparency and overhauling mismanaged lenders.