The following is an official statement released by the Bankers Association of the Philippines:
The Bankers Association of the Philippines (BAP) congratulates Deputy Governor Nestor Espenilla Jr. for his appointment as the new Governor of the Bangko Sentral ng Pilipinas (BSP). We are confident that his 35 years of experience will sustain the implementation of sound macroeconomic policies supporting economic growth.
The association welcomes this new chapter of the BSP and Deputy Governor Espenilla has the full support of the BAP. We will remain a partner of the BSP to ensure implementation of his policy.
We are looking forward to the rest of 2017 and the following years to come with our new BSP governor. The universal and commercial banks are confident that the Philippines will continue to remain as one of the fastest-growing economies in Asia.
We would also like to thank Governor Tetangco for his stewardship and many years of strong leadership which help in bringing confidence to the financial system and reliability to the Philippine economy.