Central Bank governor loses battle vs cancer
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Sun, 24 Feb 2019 16:15:03 +0000
Bangko Sentral ng Pilipinas (BSP) Gov. Nestor Espenilla Jr., who battled tongue cancer, passed away on Saturday at the age of 60.
“It is with deep sadness that the Monetary Board announce that Bangko Sentral ng Pilipinas Governor and Chairman of the Monetary Board
Nestor A. Espenilla, Jr. peacefully passed away on 23 February 2019 surrounded by members of his family,” the central bank said in a statement on Sunday.
Espenilla left behind his wife Maria Teresita, daughter Jacqueline Joyce and son-in-law Ben Baltazar, sons Nikko Nestor and Leonardo Nestor and grandchild Zev Eron.
Espenilla, who was named Central Bank governor in May 2017, was diagnosed with tongue cancer in November 2017. He immediately started treatment that he said led to mouth sores.
In February 2018, Espenilla announced that he was cancer-free, but he resumed treatments in September and took intermittent medical leaves.
He concurrently served as ex-officio chairman of the Anti-Money Laundering Council, Philippine International Convention Center and the Financial Stability Coordination Council.
Under Espenilla’s leadership, the Bangko Sentral pursued major reforms under the theme “Continuity Plus Plus” covering monetary and financial policies, as well as the central bank organizational structure.
He also spearheaded the digitalization of the retail payment system for a more inclusive and efficient financial system.
Espenilla also oversaw the establishment of the automated clearing houses — PESO Net and Instapay — under the National Retail Payments System which he said would increase the share of electronic payments in the country to at least 20 percent by 2020.
During his tenure, the amendments to the BSP charter were passed, strengthening the capability of the Bangko Sentral to deliver its mandate to promote price and financial stability and to foster a safe, efficient and inclusive payment system.
The Bangko Sentral said the Monetary Board designated Deputy Gov. Almasara Cyd Tuaño Amador as officer in charge.
Malacañang on Sunday expressed its condolences to the friends and family of Espenilla.
In a statement, Palace spokesman Salvador Panelo said Espenilla would be best remembered for making financial services closer to Filipinos.
Panelo cited Espenilla’s contributions to the banking world — the National Retail Payment System and the introduction of the electronic fund transfer system InstaPay and the PESONet, an automated clearing house.
The last item, Panelo said, “saw the Philippines’ gradual shift from cash and check-based payments to electronic means.”
“As we express our condolences to the family, friends, colleagues and loved ones of Governor Espenilla, we express our gratitude to the man once in charge of disciplining banks for his complete devotion to his work and great service to the nation,” he added.
Tireless worker
Espenilla was lauded by one of his colleagues for his hard work in actively pushing for inclusive banking measures in the country.
Leyte 2nd District Rep. Henry Ong, chairman of the House Committee on Banks, described the late BSP governor as a “wise, tireless and hardworking” man in the industry.
“Our sympathies to the entire BSP family and the banking community on having lost a good, hardworking and devoted leader to cancer,” Ong said on Sunday.
“Governor Espenilla was wise, tireless and determined in his push for banking reforms and updating legislation,” he added.
Espenilla supported Republic Act 1121 or the amended charter enabling the BSP to exercise better supervision of the country’s financial system, including banks and financial intermediaries.
The measure was signed into law by the President two weeks ago.
Espenilla also helped in pushing for regulations for Islamic banking to develop a financial system that includes the Muslim community.
House Bill 8281 or an “Act Providing for the Regulation and Organization of Islamic Banks” was approved by lawmakers on third and final reading.
Ong said the proposal was just a few steps to becoming a law as its Senate counterpart bill would be approved soon.
Also describing Espenilla as “a spirited champion of financial inclusion,” he expressed hope that more banking reforms that the latter supported would be approved soon after the congressional break.
For those who wish to pay their final respects to Espenilla, public viewing will begin at 3 p.m. to 12 midnight on Monday at The Arlington Chapel at Aeternum in Fort Bonifacio, Taguig City.
There will be necrological services and viewing at the BSP head office in Manila from 10 a.m. to 4 p.m.
Espenilla’s remains will be cremated on March 2.
WITH RALPH U. VILLANUEVA AND GLEE JALEA
The post Central Bank governor loses battle vs cancer appeared first on The Manila Times Online.