The members of the Monetary Board and officers and staff of the Bangko Sentral ng Pilipinas (BSP) paid their final respects to the late BSP Governor Nestor A. Espenilla, Jr. during the necrological services and the viewing of his remains at the BSP head office in Manila last February 28.

The ceremonies were highlighted by the presentation of the BSP Monetary Board's (MB) resolution of condolences by Finance Secretary and MB Member Carlos G. Dominguez III and eulogies delivered by BSP Officer-in-Charge Maria Almasara Cyd N. TuaAo-Amador; MB Members Felipe M. Medalla, Juan D. De ZuAiga, Jr., Peter B. Favila, Antonio S. Abacan, Jr., and V. Bruce J. Tolentino; Deputy Governors Diwa C. Guinigundo and Chuchi G. Fonacier; Managing Director Prudence Angelita A. Kasala of the Office of the Governor; BSP Officers Club President Gregorio C. Suarez II; BSP Employees Association President Dennis Gamaya; and former BSP Governor Amando M. Tetangco, Jr.

Mr. Dominguez, in presenting the MB resolution of condolence to the Espenilla family, said that the Governor served the BSP with unwavering dedication and excellence for 38 years and implemented ground-breaking policies on banking supervision, capital market development, credit policy, financial inclusion, and consumer protection.

Governor Espenilla, in the MB resolution, was noted to have institutionalized risk-based and proportionate regulations that enabled BSP-supervised institutions to innovate business models and adopt digital finance services; and championed an efficient, inter-operable, and consumer friendly-digital payment system.

Governor Espenilla pioneered major reforms under the Continuity Plus Plus theme, driven by progressive and market-friendly policies, to ensure low and stable inflation, safe and sound financial system, and a secure and efficient payment system. He pursued bold, financial sector reforms for a more efficient, flexible, and inclusive financial system; promoted financial education and consumer protection; and sustained the development and implementation of trail-blazing policies that provided an enabling regulatory and operational environment including the National Retail Payment System, and the digitalization of payment systems as a means of democratizing financial services, Mr. Dominguez, reading from the MB resolution, said.

After the eulogies, the response of the Governor's family was delivered by his wife, Maria Teresita Festin Espenilla. Other members of the family who attended the necrological services were daughter, Jacqueline Joyce and son-in-law, Ben Baltazar; sons Nikko Nestor and Leonardo Nestor; and grandchild, Zev Eron.

The late Governor Espenilla, Jr., 60, passed away last February 23.

Source: Bangko Sentral ng Pilipinas (BSP)