Espenilla wants a financial system more responsive to wider economy

 

Incoming Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. on Tuesday said he will reshape the country's financial system to make it more responsive to the global economy.

"Very interested in reshaping the financial system so it's going to be more responsive to the global economy," Espenilla told reporters in a briefing in Manila City, a day after President Rodrigo Duterte named him as successor to outgoing Governor Amando Tetangco Jr.

Under his leadership, the central bank will strive for reforms to promote inclusive growth in the country. "I've always been focused on promoting reforms in the financial system so those reforms manifest themselves in several directions," he said.

Part of the reforms is to make the country's financial system more function more efficient and market-oriented.

"Financial regulation, we have clearly moved in the direction aligning it with international standards, strengthening oversight. That process will continue," he said. — VDS, GMA News