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Opinion

Philippines' Espenilla: publicly positive appointment, but behind closed doors…

Reaction to Philippine president Rodrigo Duterte’s appointment of Nestor Espenilla Jr as the new governor of the central bank, Bangko Sentral ng Pilipinas (BSP), has been publicly positive.



Nestor-Espenilla-Jr-600
Nestor Espenilla Jr's hamster-cheeked grin masks a tough individual


Nesting, as he is known to his friends, has been with the BSP for 36 years, and is an admired lieutenant of much-loved departing governor Amando Tetangco Jr.

Behind closed doors, however, there are probably a few who aren’t so pleased to see Espenilla in the top job. As deputy governor for banking supervision and regulation, he took on a lot of villains, and his hamster-cheeked grin masks a tough individual.

Among the institutions that might not be raising a glass to his promotion is RCBC, controlled by the powerful Yuchengco family. Espenilla hit the bank with a P1 billion fine over the $81 million Bangladesh bank heist, some of which passed through RCBC accounts.





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