MANILA—Sen. Francis Escudero on Tuesday welcomed the appointment of Deputy Governor Nestor Espenilla Jr. noting that he has always been batting for an insider to replace outgoing chief Amando Tetangco Jr.
Malacañang on Monday night announced the appointment of Espenilla as successor to Tetangco, who ends his two six-year term on July 2.
Espenilla, who currently heads the BSP’s Supervision and Examination Sector, graduated magna cum laude from the UP Diliman School of Economics with a bachelor’s degree in business economics in 1980.
He took his master’s degree in business administration honors program at the UP College of Business Administration. He also attended the Graduate Institute of Policy Science in Tokyo, Japan.
His professional experience includes serving as assistant to the Western Pacific executive director of the International Monetary Fund.
“I highly commend President Rodrigo Duterte’s choice for Bangko Sentral ng Pilipinas Governor. From the start, I have been batting for an insider to replace Mr. Amando Tetangco, Jr. in order to ensure the continuity of policies and stability, thus far, of our monetary policies,” Escudero said in a statement.
Escudero, chair of the Senate Committee on Banks, Financial Institutions and Currencies, said that appointing an insider is “essential” to ensure the continued and sustained growth of the economy.
“I wish Mr. Nestor Espenilla the best and I congratulate him on his appointment and designation. I look forward to continuously working with him again in many important pieces of legislation,” he added.
Escudero pointed out that he has been working closely with BSP in crafting and amending measures including the Bank Secrecy Law, amending the Anti-Money Laundering Act, and amending the BSP Charter.