Economic cluster, banking industry mourn passing of BSP chief Espenilla

Members of the Philippine economic cluster and the local banking industry on Sunday mourned the passing of Bangko Sentral ng Pilipinas (BSP) Governor Nestor "Nesting" Espenilla, Jr.

In a post on his official Twitter account, Socioeconomic Planning Secretary Ernesto Pernia noted that Espenilla would be a big loss not only to the central bank, but also to the country.

"A big loss to BSP and the country. He will be missed," said Pernia.

Gov Nestor Espenilla was an exemplar of a dedicated public servant with high competence and integrity. A big loss to BSP and the country. He will be missed.

— Ernesto M. Pernia (@SecPernia) February 24, 2019

"Nestor Espenilla and his predecessor, Amando Tetangco Jr., led so well the BSP and its Monetary Board, that under their watch of monetary policy, the Philippine economy has seen its longest episode of growth in the postwar period," said Philippine Competition Commission (PCC) Chairman Arsenio Balisacan, who also previously served as Socioeconomic Planning Secretary.

Nestor Espenilla and his predecessor, Amando Tetangco Jr., led so well the BSP and its Monetary Board, that under their watch of monetary policy, the Philippine economy has seen its longest episode of growth in the postwar period. We will miss Nesting.

— Arsenio Balisacan (@ambalisacan) February 24, 2019

Espenilla passed away on Saturday, February 23, after battling tongue cancer.

The BSP chief was diagnosed in November 2017, which he announced to the public February last year. He then took intermittent leaves to seek treatment.

The banking industry, which Espenilla led since taking over as BSP Governor in July 2017, also expressed its grief over the passing of its top chief.

"The Bankers Association of the Philippines (BAP) is deeply saddened by the passing of Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr," the group, comprised of the largest lenders in the country, said in a statement.

It was under Espenilla's term that the New Central Bank Act, pending for decades, was enacted into law. He also saw the establishment of the National Retail Payment System.

"He leaves a legacy of a stronger and more inclusive banking system. His devotion to his work and service to the Filipino people will be remembered," said the BAP.

"Espenilla fought the good fight and finished the race as the BSP Governor. His legacy and dedication to the BSP and its constituencies will never be forgotten and his work will be a foundation in building a stronger Philippine banking industry for future generations," it elaborated.

This was mirrored by Voyager Innovations Inc. President Orlando Vea, who also expressed condolences to Espenilla's family.

"It is a sad day for the country and the financial services industry with the passing of Gov. Nestor A. Espenilla, Jr. — humble public servant, progressive central banker, and relentless champion of financial inclusion. His legacy lives on in every effort that we all do to serve the unbanked, uncarded and underserved Filipinos with digital financial services," said Vea.

"Paalam and rest in peace, Gov. Our prayers and condolences to his family and to everyone at the BSP," he added.

The Monetary Board has since announced that Deputy Governor Almasara Cyd Tuaño-Amador would serve as the Officer-in-Charge of the BSP until President Rodrigo Duterte appoints a successor. —KG, GMA News