PRESIDENT Rodrigo Duterte has named Nestor Espenilla Jr. as the incoming governor of the Bangko Sentral ng Pilipinas (BSP), Agriculture Secretary Emmanuel Piñol announced in a Facebook post Monday.
Piñol said Espenilla's appointment was announced during Duterte's meeting with Cabinet secretaries at the Malacañang Palace Monday.
Espenilla was chosen by Duterte to replace outgoing BSP chief Amando Tetangco Jr., whose term will end in July.
Under the New Central Bank Act of 1993, a central bank governor can serve for two consecutive terms of six years each.
Presidential Spokesperson Ernesto Abella, in a video message, said the government welcomed the appointment of Espenilla, who has "deep and excellent monetary policy and banking regulatory experience."
"President Rodrigo Duterte announced today the appointment of Nestor Espenilla as successor of Amando Tetangco Jr. as BSP governor," Abella said.
"After months of waiting, Espenilla's appointment is highly welcomed by the market, noting his deep and excellent monetary policy and banking regulatory experience," he added.
Prior to his appointment, Espenilla served as deputy governor of BSP.
Espenilla has been with BSP since 1981 and has worked in Economic Research, International Operations, and in the Office of the Governor.
He earned a degree of Bachelor of Science in Business Economic and a Master in Business Administration at the University of the Philippines.
He also obtained a Masters of Science in Policy Science from the Graduate Institute of Policy Science in Tokyo, Japan. (VoxPop Philippines)
