Dominguez pays tribute to Tetangco, welcomes Espenilla

August 15, 2017

Finance Secretary Carlos Dominguez III paid tribute to the immediate past and current governors of the Bangko Sentral ng Pilipinas (BSP) for their “adept management” of monetary policies,  which has earned global recognition for the country's central banking institution.

In his testimonial during last week's dinner tendered in honor of BSP immediate past governor Amando  Tetangco Jr and current governor Nestor Espenilla Jr., Dominguez  cited the BSP’s resolve in “courageously maintain[ing] its independence” even in the most trying times.

Dominguez lauded Tetangco for leading the BSP for a period of 12 years that was marked by the continuous growth of the economy, a stable currency, low inflation and strong international reserves as well as the adoption by the institution of global best practices in central banking.

“Say (Tetangco) is probably the most awarded central banker in the world. He led the BSP in his inimitable low-key style. He does not hector. I suspect he charmed people into seeing things his way. He personified the demeanor and the calm confidence the nation’s top banker should have. With Say at the helm, the BSP was kept away from controversy even as the institution’s policies had great consequences on everyone,” Dominguez said.

“I am sure that the same quiet but persuasive leadership will continue with Governor Nestor Espenilla,” he added.

Espenilla knows every challenge and tool available to the BSP to keep the country’s banking system strong and well regulated, Dominguez said.

“It is always reassuring to have a new leader who is an old hand,” said Dominguez, referring to Espenilla who has been with the BSP for the last 36 years.

“In his years as Deputy Governor, he kept a sharp eye on the banking system. He never hesitated closing down banks that fail. He has been conscious of over-regulation even as he has kept supervision tight. That is always a fine balancing act,” Dominguez said.

The finance chief said “our country is fortunate to have a strong central banking institution led by a long string of men with exemplary abilities and compelling credentials.”

“The Bangko Sentral ng Pilipinas (BSP) has been recognized internationally for its adept management of monetary policy,” Dominguez added.

“We are proud of what Say accomplished and assured of what Nesting will do on the job. The BSP is a deeply respected national institution. It has always been kept safe by competent hands. I am sure it will continue to be deeply respected and competently led in the coming years,” Dominguez said. DMS