Nestor Espenilla is the new governor of the Philippines’ central bank, Bangko Sentral ng Pilipinas. Espenilla is currently the deputy governor in charge of banking supervision at the central bank. He will replace Amando Tetangco, who steps down in July after serving a maximum two terms. This is the first high profile appointment of Rodrigo Duterte, who took office in 2016. It also signifies there will be continuity at the central bank. Tetangco, during his term, has been responsible for monetary policy and reforms, which kept the Philippines’ banks sound, the peso stable, inflation stable and sustained the country’s strong economic growth.
