Philippine central bank governor Nestor Espenilla dies after cancer battle
- Espenilla, known as ‘Nesting’ by friends and colleagues, disclosed his medical condition in February 2018 as he recovered from surgery and radiation therapy for tongue cancer
- Espenilla was a three-decade veteran of the central bank when he took office in July 2017
Philippine central bank governor Nestor Espenilla died on Saturday, the bank said. He was 60 and had been receiving cancer treatment for more than one year.
Espenilla, a veteran of nearly four decades with the Bangko Sentral ng Pilipinas (BSP), took over as governor in July 2017 but was diagnosed with tongue cancer four months later and was on leave intermittently during 2018.
The bank said in a statement it was deeply saddened by his death and that he passed away peacefully in the presence of family members.
The BSP Monetary Board picked Deputy Governor Almasara Cyd Tuano-Amador as officer-in-charge.
She would take temporary charge until President Rodrigo Duterte either names his own caretaker, or appoints a new governor who would complete the remainder of Espenilla’s six-year term.
Despite reporting initial success of treatment a year ago, Espenilla was rarely seen in public in recent months and was mostly represented by deputies. He had received medical treatment overseas last month.
Espenilla was known for his monetary policy clout and expertise in banking supervision, driving reforms in the sector that included improving financial transparency and overhauling mismanaged lenders.
He joined the BSP in 1981 as a debt analyst while still at university before moving into the bank supervision area.
He was named assistant governor in 2002, then deputy governor three years later.
The central bank credited Espenilla with advancing its reform agenda and leading a move to digitise retail payments to broaden financial inclusively in a country where a fifth of the 105 million population live in poverty.
Tributes and condolences poured in from Twitter users, lawmakers and journalists.
“His legacy in BSP of sound banking policies for the protection of our financial system and the economy shall live on,” Senator Richard Gordon said on Twitter.
The Philippines remains one of Asia’s fastest growing economies, but policymakers had to grapple with soaring inflation last year that pushed the central bank to raise its benchmark interest rate by a total 175 basis points to 4.75 per cent.
Inflation is projected to return to the central bank’s target of between 2 and 4 per cent this year.
The government is targeting 2019 economic growth of between 7 and 8 per cent.
