Espenilla strengthened public trust in banking

February 26, 2019
Nestor Espenilla

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. helped boost people’s confidence on the banking industry despite his “brief yet substantial” tenure.

This was pointed out by the Security Bank Corporation (Security Bank) Monday as it cited Espenilla’s contribution despite his short stint as BSP chief.

Espenilla died Saturday after battling cancer, which he was diagnosed in November 2017.

In a statement, the bank explained that “as a public servant, Governor Espenilla led the banking industry into the unchartered waters of technological innovation and transformation.”

“His 40-year experience as a central banker brought confidence from the industry to be unafraid in innovating itself for the unbanked and the general public,” it said.

“Indeed, Governor Espenilla fought the good fight and finished the race in completing his vision to the banking industry. Security Bank will continue to support the BSP in its goal to fulfill his vision,” it added.

Espenilla succeeded former BSP Governor Amando Tetangco Jr. whose two six-year terms ended in July 2017.

He adopted a “Continuity Plus Plus” theme on monetary and financial policies.

He also pushed for increased usage of technology in payment transactions, which paved the way for the establishment of real-time electronic payment systems called InstaPay and PESONet.

These two are automated clearing houses under the National Retail Payment System (NRPS).

Monetary officials expressed hope that with the help of NRPS electronic payment transaction, the country will account for 20 percent of the total by 2020.