Several candidates being considered for BSP governor

President Rodrigo Duterte is now considering several candidates to take over the leadership of the Bangko Sentral ng Pilipinas (BSP), after the passing of its top chief over the weekend.

In a text message on Monday, Finance Secretary Carlos Dominguez III said there is already a shortlist of the possible successors of the late Nestor "Nesting" Espenilla, Jr. who died on Saturday after more than a year of battling with cancer.

"Yes there is (a shortlist)," he said, noting that "several" candidates are being considered, with Duterte expected to make a decision "as soon as practicable." He did not elaborate.

Among those possibly considered are the three current Deputy Governors of the BSP — Diwa Guinigundo who runs the Monetary and Economics Sector; Chuchi Fonacier who heads the Financial Supervision Sector; and Maria Almasara Cyd Tuaño-Amador who heads the Corporate Services Sector.

Amador currently serves as the Officer-in-Charge of the BSP until Duterte appoints Espenilla's successor.

Espenilla was appointed as the central bank's chief in July 2017, when he took over from former Governor Amando Tetangco, Jr. who stepped down after two consecutive terms, the maximum term limit allowed.

Prior to Espenilla's appointment as BSP chief, local bankers were already vocal in their preference that someone from inside the BSP would take over.

Dominguez in 2017 said that a central bank insider may be deemed advantageous during the selection process "in the sense that they will be considered... Yes, it's an advantage."

"I don't know what his (Duterte's) weighting is. I don't know how he weighs it...  I think, it's clear that the President intends to appoint a person who is fully qualified for this job. And that is, I think, the first qualification. Of course, he has to be healthy and all that," Dominguez said then.

Aside from the central bank insiders, among those who may also be considered for the top post of the BSP is East West Banking Corp. president Antonio Moncupa, Jr.

Moncupa was previously endorsed by the ruling Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban) as the successor of Tetangco.

Also among those who may be considered is Peter Favila, a member of the Monetary Board, BSP's policy-setting body. He also served as Trade Secretary under then-President Gloria Macapagal-Arroyo, and president of several banks such as Philippine National Bank and Allied Banking Corp.

While the official shortlist has not yet been made available to the public, the banking industry is now awaiting the appointment of a successor who has big shoes to fill.

"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," said the Bankers Association of the Philippines. —KG, GMA News