MANILA – Bangko Sentral ng Pilipinas’ Monetary Board confirmed that BSP Governor Nestor Espenilla Jr. passed away on Saturday.
“It is with deep sadness that the Monetary Board (MB) announced 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 BSP said in a statement.
“The Governor, 60, had been undergoing treatment for cancer for more than a year,” it added.
Espenilla had earlier revealed that he was recovering from early-stage tongue cancer, which was diagnosed in November 2017.
In March 2018, Espenilla said he finished radiation treatment, and he was confident that his health will normalize.
In September 2018, Espenilla announced that he was taking a two-week break, from September 19 to October 2, to undergo treatment.
He subsequently extended the medical leave to Oct. 26.
Espenilla was appointed BSP chief by President Rodrigo Duterte on July 3, 2017.
Meanwhile, the MB announced that Deputy Governor Almasara Cyd Tuano-Amador would be the BSP’s Officer-in-Charge until such time that Duterte designates an OIC or appoints a successor to Espenilla.
Members of the Philippine economic cluster and the local banking industry on Sunday mourned the passing of Espenilla.
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.
“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.
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.
The Malacañang on Sunday also expressed condolences for the sudden death of the BSP governor.
“We are saddened to learn Saturday night the untimely demise of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Jr.,” Chief Presidential Legal Counsel and Presidential Spokesperson Salvador Panelo said in a statement. (ABS-CBN News)
