Espenilla acclaimed as new Bangko Sentral chief

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr.’s appointment as next central bank chief would benefit not only the banking sector but the entire economy as well, a senior economist of ING Bank Manila said.

In a research note, Joey Cuyegkeng forecast the continuance of the central bank’s current policy stance under Espenil­la’s six-year term.

”Inflation targeting would remain while the risk-related policy bias would continue,” he said.

Espenilla, head of the BSP’s Supervi­sion and Examination Sector, “hardly talks about monetary policy publicly”, Cuyegkeng observed.

“However, he is still involved in shaping monetary policy, especially when regulatory tweaks are needed to influence monetary policy,” he said.

”Safeguarding the banking system while implementing best practices… for a more efficient banking system and finan­cial markets would receive a further boost while pushing for seamless mobility of funds among banks and the banking system and bank clients, not only for basic banking ser­vices but for ease of fund transfer and in­vestments,” he added. RIZA LOZADA