New Governor for BSP.
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The appointment of an insider might be the master stroke by President Duterte to spur contentment and growth in the banking sector. Furthermore, the appointment of a career banker of the Central bank is significant and indicates the willingness of the Duterte regime to let the time-tested policies prevail for some more time.
Consequently, it was no surprise when President Duterte appointed BSP Deputy Governor Nestor Espenilla Jr. as head of the Bangko Sentral ng Pilipinas (BSP).
Espenilla is the driving force behind most of the recent banking reforms. These include:
• Improving financial transparency
• Raising minimum capital requirements, and
• Overhauling mismanaged banks.
Consequently, lawmakers, economists, bankers and business groups welcomed this decision wholeheartedly. There could not have been a better endorsement of the good work of the Central Bank.
Furthermore, it serves to indicate non-interference by the government since sound monetary practices were in place.
He succeeds Amando Tetangco Jr. who served the maximum of two terms and served for 12 years as Governor. Even the man he is replacing had a good word for Espenilla.
Tetangco messaged reporters to express his confidence in the standing and capabilities of the Governor designate. He was aware that Espenilla was highly regarded in financial circles.
In addition, he was confident that under Espenilla, the economy will continue flourishing as before.
Elated
Malacañang announced the appointment on Monday and it came as a surprise to Espenilla. For the coveted job, there was heavy lobbying and some really tough competition.
Moreover, it seems that President Duterte had already decided on his appointment. They summoned him to Malacanang and things moved fast after that.
Before he could get his bearings, they were already announcing his name all over the channels.
On the same day, i.e. Tuesday, he expressed his profound happiness at being the chosen one. But, he was humble enough to acknowledge that the job carried its share of challenges and burdens.
He also admitted that he had tried hard to get this job and I am prepared to do a good job.
Gratitude
The Governor designate expressed his heartfelt gratitude to President Duterte for picking him to lead the Central bank. He sent his thanks to Secretary Finance, Carlos G. Dominguez III for his support to his candidature.
He called Governor Tetangco his mentor and expressed delight at inheriting an organization that had a solid foundation. He promised to continue the progressive policies that his predecessor had installed and practiced.
Espenilla joined the Bangko Sentral ng Pilipinas (BSP) in1981. He has a rich experience working in various departments of BSP. He worked in the following departments:
• International operations,
• Economic research, and
• The Office of the Governor.
Due to his overall familiarity with the BSP operations, he advanced in the organization. He took over as the Deputy Governor in 2005 since he is a thoroughbred BSP man.
This should stand him in good stead when he takes over the reins as Governor on July 2.
Reforms and secrecy laws
He has been a staunch advocate of relaxing the bank secrecy laws. Moreover, his efforts at promoting financial inclusion and competition in the financial system are quite popular.
He informed viewers of a television interview he declared his intention to improve the responsiveness of the banking system to the expectations of the whole community.
During his interaction with the lawmakers in congress, he made some powerful and sincere contacts among lawmakers.
In addition, he was the resource person for legislative hearings connected with banking issues.
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Umrao Singh
umraoz.wordpress.com
Written for: Lars-Magnus Carlsson.
www.thephilippinepride.com?utm_source=rss&utm_medium=rss
Wednesday, May 10, 2017
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