New Philippine Central Bank Governor

The Philippines will get a new Central Bank Governor next month. President Duterte has appointed Nestor Espenilla, currently the Central Bank’s Deputy Governor for supervision and examination, to replace Amando Tetangco, who will retire. Tetangco has been governor for almost 12 years. The choice of an insider to replace him ‘ensures the continuity of policy and thought process in the Central Bank’, Tetangco said in a text message to media. Monetary policy and reforms have kept the Philippines’ banks sound, the peso stable, inflation stable and sustained the country’s strong economic growth, writes Reuters.

Espenilla will take over as the Duterte administration prepares for a six-year, $US180 billion spending spree on infrastructure.

Meanwhile, Asia House joined the Philippine Ambassador to the UK, Antonio Lagdameo, and the new UK Ambassador to the Philippines, Daniel Pruce, on a visit to the De La Rue Paper Mill in Overton last week to see the paper making process of the Philippine Peso, as well as other nations’ banknote paper.