(Washington, D.C.) The Board of Directors, members and staff of the US-ASEAN Business Council offer their sincere condolences to the Espenilla family, Philippines Government, and the people of the Philippines on the passing of Nestor A. Espenilla Jr., Bangko Sentral ng Pilipinas (BSP) Governor and Chairman of the Monetary Board. Governor Espenilla passed on February 23, at age 60, after a battle with cancer.
“I am deeply saddened by the news of Governor Espenilla’s passing,” said Alexander Feldman, President & CEO of the US-ASEAN Business Council. “He served his country with integrity and dedication. The Council and its members will miss working with him and will always remember the great contributions he has made to the advancement of the U.S.-Philippine economic relationship.”
Governor Espenilla started at BSP in 1981. Rising steadily through ranks at the central bank, Espenilla was appointed Deputy Governor in 2005 by then President Gloria Arroyo and Governor in 2017 by President Rodrigo Duterte. During this nearly 40-year career, Governor Espenilla made great headway in advancing financial inclusion and efficiency in the Philippines.
While at the helm of BSP, Governor Espenilla pushed forth substantial regulatory reform and progressed in building a more digital economy. Notably, Governor Espenilla saw through the National Retail Payment System regulatory framework, digitalizing payments through the electronic fund transfer system InstaPay and automated clearing house system PESONet. These achievements and other contributions leave a strong legacy of sound policy at BSP and for the Philippines’ financial system.
Governor Espenilla was a true friend to the Council and its members. Governor Espenilla always extended a welcome during Council missions and visits to Manila, encouraging collaboration and partnership with BSP. Governor Espenilla also demonstrated leadership during engagements at World Bank events and with fellow ASEAN governors during annual ASEAN Finance Ministers' and Central Bank Governors' Meeting meetings.