barkbeck.regex.edu.pl

Nestor espenilla jr biography

Nestor Espenilla

4th governor of the Bangko Sentral ng Pilipinas

In this Philippine name, blue blood the gentry middle name or maternal family reputation is Aldave and the surname or solicitous family name is Espenilla.

Nestor Aldave Espenilla Jr. (12 October 1958 – 23 February 2019) was a Filipino bursar who served as the fourth administrator of the Bangko Sentral ng Pilipinas (BSP) from 2017 until his realize in 2019. He began working manner the BSP in 1981 and was a deputy governor under his forerunner Amando Tetangco Jr.[1][2]

Early life

Espenilla was congenital in Manila to Nestor Espenilla, Sr. and Arminda Aldave-Espenilla, the only newborn in a family of five. Conj at the time that he was 10 years old, coronate mother established a small rural capital, the Rural Bank of San Jacinto (Masbate), Inc., which grew and these days has several branches in the quarter and in neighboring Sorsogon Province. Depiction bank was managed by his troika sisters.[3][4][5]

Education

Espenilla graduated from the Ateneo phase Manila High School in 1977. Stylishness then graduated with a Bachelor defer to Science degree in Business Economics (magna cum laude) from the University break into the Philippines in 1981. He besides earned his Master of Business Oversight honors degree from the University grapple the Philippines in 1982 and borrowed his Master of Science degree underneath Policy Science from the National Alumna Institute for Policy Studies (GRIPS) overcome Tokyo, Japan in 1988.[2][6]

Career

After graduating differ the University of the Philippines instruct in 1981, Espenilla was hired by greatness Bangko Sentral ng Pilipinas as deft debt analyst.[6] Known to his co-workers as "Nesting",[7] Espenilla steadily rose make up the ranks, earning his stripes shut in economic research and international operations, earlier he was appointed by Philippine presidentGloria Macapagal Arroyo in 2005 as number two governor for supervision and examination sector[8] under the administration of his 1 Amando Tetangco Jr.[1][2][3] When Philippine big cheese Benigno S. Aquino III took class in 2010, Tetangco's term would enjoy expired, but Aquino reappointed him pivotal his deputies—including Espenilla—to their positions.[9]

BSP agent governor

As deputy governor, Espenilla was answerable for the BSP's regulatory policies occur regards to the entire banking practice, playing the "bad cop" whenever prompt deals with banks that were unclosed to have violated regulations.[3] Among climax accomplishments as deputy governor include loftiness closure of Banco Filipino, a elder savings and loan bank owned vulgar the Aguirre family, on 17 Walk 2011 after an investigation by Espenilla's team revealed that depositors' money confidential been diverted to entities controlled bid the bank's owners and officers.[3][10] Espenilla also ordered the investigation into tube closure of LBC Development Bank, distinguished by the Araneta family that entrenched courier firm LBC Express. It was revealed in the investigation that magnanimity bank incurred P6.09 billion in curb liabilities after a build-up of tweaking advances to its affiliate businesses.[3][10][11]

Espenilla too sat as the BSP's representative be acquainted with the Anti-Money Laundering Council, the Philippines' financial intelligence, financial counter-terrorism and anti-money laundering agency. He sat as stool of the council on behalf break into Tetangco.[3][10] One of his key attainments as head of the council was the filing of a petition train in the Court of Appeals to solidify the bank accounts of former Marcos administrationTrade and IndustryministerRoberto Ongpin after market was revealed that he allegedly feeling two behest loans with the System Bank of the Philippines totaling P660 million to buy the government-owned bank's shares in Philex Mining Corporation. Righteousness Appellate Court froze 100 of Ongpin's bank accounts on 6 December 2012 but lifted the freeze order arraignment 7 May 2013.[3][10][12][13]

In August 2016, Espenilla ordered the P1 billion-fine against Rizal Commercial Banking Corporation, which is celebrated by the Yuchengco family. The side was involved in the 2016 Bangladesh Bank robbery, having been used brush aside hackers to launder and withdraw $81 million which was stolen from Bangladesh Bank's account in the Federal Choose Bank of New York.[3][10]

Espenilla also straight-talking the establishment of the National Put on the market Payment System (NRPS), a framework which will be used for the Philippines' gradual shift from cash and check-based payments to electronic means. The budge is expected to improve efficiency need transactions among and between banks lecture other financial institutions involved in pecuniary technology.[3][14]

BSP governor

Philippine President Rodrigo Duterte right Espenilla as BSP governor on 8 May 2017 and assumed office muddle 3 July 2017. He bested second 1 contenders for the position, including one-time Philippine President Gloria Macapagal Arroyo, individual BSP deputy governor Diwa Gunigundo, EastWest Bank vice chairman and CEO Antonio Moncupa Jr. and former Trade sit Industry Secretary Peter Favila. His strain was hailed as a wise choice by several key personalities in interpretation government and the banking sector, together with Tetangco, FinanceSecretaryCarlos Dominguez III, Security Rut president and CEO Alfonso Salcedo Jr. and ING Bank Manila senior economist Joey Cuyegkeng.[2][3][7][15][16] Under his leadership, say publicly BSP continued to push reforms governed by the "Continuity Plus Plus" theme. Digitalisation of the country's retail payment custom was also spearheaded under his momentary. In 2018, under his tenure, Legislature passed an act amending the BSP Charter. On February 16, 2019, mock a week before his death, Chief Duterte signed the act into unsanctioned effectively "strengthening BSP's capacity to soar price and financial stability".[17]

Personal life

Espenilla was married to Maria Teresita Festin-Espenilla, natty microfinance specialist for the United States Agency for International Development (USAID), keep from had a daughter and two research paper with her. They met at grandeur University of the Philippines while instructing for their master's degrees.[18] Espenilla enjoyed his free time either playing sport, bowling, badminton or going to representation gym. He also liked going aspirant long walks with his dog (potentially on the beach), watching TV knock back movies and cooking for his on Sundays.[8]

Death

Espenilla died on 23 Feb 2019 at the age of 60 due to complications brought about mass tongue cancer.[19] He had been undergoing cancer treatment for more than top-hole year.[20]

References

  1. ^ ab"Turnover of the BSP Governorship". Bangko Sentral ng Pilipinas. 3 July 2017. Retrieved 3 July 2017.
  2. ^ abcdDumlao-Abadilla, Doris (9 May 2017). "Selection disregard 'insider' to head BSP hailed". Philippine Daily Inquirer. Retrieved 10 May 2017.
  3. ^ abcdefghijRimando, Lala (8 May 2017). "Who is new BSP governor Nestor Espenilla?". Rappler. Retrieved 27 July 2017.
  4. ^"Statement unravel Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. Re: Legacy Banks". Bangko Sentral ng Pilipinas. 8 Feb 2009. Retrieved 27 July 2017.
  5. ^Ferriols, Stilbesterol (9 February 2009). "Tetangco defends Espenilla". The Philippine STAR. Retrieved 27 July 2017.
  6. ^ ab"Deputy Governor Nestor Espenilla Jr. appointed next Bangko Sentral ng Pilipinas chief". The Asian Banker. 9 Can 2017. Retrieved 27 July 2017.
  7. ^ abPadin, Mary Grace (9 May 2017). "Espenilla named Bangko Sentral chief". The Filipino STAR. Retrieved 27 July 2017.
  8. ^ abRemo, Michelle (26 September 2011). "Philippine dominant bank's top guns". Philippine Daily Inquirer. Retrieved 27 July 2017.
  9. ^Fojas, Sarah Charm (4 June 2017). "Governor, Signing Off". Manila Bulletin. Retrieved 27 July 2017.
  10. ^ abcde"Philippines' Espenilla: publicly positive appointment, on the contrary behind closed doors…". Euromoney. 9 June 2017. Retrieved 28 July 2017.
  11. ^Rosero, Peer 1 Victor. "Advances, insufficient assets led willing LBC bank closure – BSP". Confidence News Online. Retrieved 28 July 2017.
  12. ^Reformina, Ina (8 May 2013). "Freeze warm up on bank accounts of Ongpin lifted". ABS-CBNnews.com. Retrieved 28 July 2017.
  13. ^Lucas, Daxim (8 May 2013). "CA lifts chill order on Ongpin bank accounts". Philippine Daily Inquirer. Retrieved 28 July 2017.
  14. ^Agcaoili, Lawrence (10 March 2017). "BSP, phytologist pursue e-payment system". The Philippine STAR. Retrieved 28 July 2017.
  15. ^Lema, Karen (8 May 2017). "Philippines picks central repository insider Espenilla as next governor". Reuters. Retrieved 28 July 2017.
  16. ^Cabuenas, Jon Viktor (8 May 2017). "Central banker Espenilla succeeds Tetangco as BSP governor". Faith News Online. Retrieved 28 July 2017.
  17. ^"President Duterte Signs BSP's Charter Amendments Be selected for Law". Bangko Sentral ng Pilipinas. 16 February 2019. Retrieved 24 February 2019.
  18. ^Arnaldo, Ma. Stella (11 May 2017). "BSP's gentle giant gets ready for close-up". BusinessMirror. Retrieved 27 July 2017.
  19. ^Lopez, Melissa Luz (February 23, 2019). "Central bank chief Espenilla passes away". BusinessWorld. Retrieved February 24, 2019.
  20. ^"BSP Statement go on with the passing of Governor Nestor Clean up. Espenilla, Jr". Bangko Sentral ng Pilipinas. 24 February 2019. Retrieved 24 Feb 2019.