BAP backs new central bank chief

MANILA, Philippines - The Bankers Association of the Philippines (BAP) congratulated incoming Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. replacing Amando Tetangco Jr. who is set to end his tour of duty on July 2.

BAP said Espenilla’s 35 years of experience would play a major role in sustaining the implementation of sound macroeconomic policies supporting economic growth.

“We are looking forward to the rest of 2017 and the following years to come with our new BSP governor. The universal and commercial banks are confident that the Philippines will continue to remain as one of the fastest-growing economies in Asia,” it added.

The association also thanked Tetangco for his stewardship and many years of strong leadership that helped bring confidence to the financial system and reliability to the Philippine economy.