Espenilla to leverage on central bank legacy of excellence
Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. on Monday vowed to dedicate his six-year term to leveraging on the reforms put in place by his predecessor, Amando M. Tetangco Jr., and make the central bank more market-oriented.
"I dedicate my term as BSP governor to building and leveraging on this legacy of excellence," he said for as central bank governor during the BSP's 24th Anniversary and Turnover Ceremony in Manila City.
Espenilla officially took over as BSP governor on Monday, July 3, succeeding Amando Tetangco, who retired after completing two six-year terms in office.
The new central bank chief said earlier that markets should expect a lot of continuity in terms of monetary policy and reforms.
"We shall endeavor to fulfill our core mandates with greater vigor and integrity to ensure that both the economy and the financial system remain strong, stable and resilient, so that they facilitate transformational opportunities for all," he said on Monday.
"The BSP will continue to fine-tune our execution of monetary policy to make it even more market-oriented," he said and cited that the deployment of the interest rate corridor (IRC) system.
Launched on June 3, 2016, the IRC was implemented by the BSP to steer the money market towards central bank policy rates. — Jon Viktor Cabuenas/VDS, GMA News