ADB: Nestor Espenilla champions strong, inclusive banking

MANILA, Philippines — The Asian Development Bank (ADB) acknowledged yesterday the contributions of the late Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. in making the Philippine banking system stronger and more inclusive.

Espenilla passed away last Saturday at the age of 60 after a battle with cancer.

In his message of condolences, ADB president Takehiko Nakao said the multilateral development bank would support current banking reforms in the country in its operations.

“On behalf of ADB, I extend my profound sympathies and condolences to the family, friends, and fellow central bankers of BSP Governor Mr. Nestor A. Espenilla Jr. The policies he advocated and implemented during his tenure as BSP governor and previously as BSP deputy governor will leave a lasting and hugely positive impact on the Philippines,” Nakao said.

The bank noted that Espenilla, who also served as ADB alternate governor for the Philippines, championed policies to increase incomes by strengthening the banking sector and developing the domestic capital market.

He also sought to make financial services and literacy available to all Filipinos, and to modernize the payment system as a means to safely and securely distribute these benefits.

These initiatives include ongoing efforts to develop the domestic bond market, launching innovative ways to bring modern banking to rural underserved areas, and the digitalization of the retail payment system.

“ADB was privileged to work with Mr. Espenilla in each of these initiatives,” the bank said.

Espenilla was a panelist in the high-level Joint International Monetary Fund-ADB-BSP seminar titled “New Technologies in Finance: Opportunities and Challenges for Asia,” during ADB’s 51st Annual Meeting in Manila in May 2018, where he shared BSP’s experience in establishing a regulatory environment that allows innovations to flourish, while ensuring financial efficiency and integrity.

“Mr. Espenilla’s leadership in BSP’s pursuit of financial sector development and inclusion will remain an inspiration to all of us working to expand access to financial services for the poor and smaller enterprises, a key challenge in Asia,” Nakao said.

“We look forward to continuing our support to his vision – a Philippines with strong, sustained growth and where no one is left behind,” he added.