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Professional backgrounds of candidates for BSP top post


By Reuters



Espenilla, 58, has served as deputy central bank governor in charge of banking supervision since 2005.

He joined the central bank more than 35 years ago, shortly after graduating magna cum laude in business economics from the University of the Philippines.

Espenilla has driven many of the central bank’s recent reforms, including raising minimum capital requirements, improving financial transparency, and overhauling mismanaged banks.

If appointed, he told Reuters last month his main priority would be to ensure inflation remained low, while speeding up “equitable growth”.

“If inflation is low but the impact is limited because of various structural roadblocks, then I don’t think our work is anywhere near complete, so we need to constantly focus on this,” he said.


Favila, 68, is an independent consultant for the central bank after serving as a member of the monetary board for four years.

He was also trade minister under former President Gloria Macapagal Arroyo.

Favila has over 40 years of experience in the finance industry, serving as president of several publicly-listed lenders, including Security Bank Corp and Philippine National Bank.

Favila, a graduate of the Wharton School’s advanced management programme at the University of Pennsylvania, has also served as chairman of the Philippine Stock Exchange.

He did not respond to a Reuters’ request for comment on what his priorities would be if appointed central bank chief.


Guinigundo, 62, is deputy central bank governor for monetary stability, a position held by Tetangco prior to becoming governor.

In his nearly 40 years at the central bank, he has also served as assistant governor for monetary policy and international operations.

Guinigundo, who has a masters in economics from the London School of Economics, spearheaded last year’s introduction of the interest rate corridor system, helping monetary policy pass more efficiently into the real economy.

He also initiated the central bank’s shift from monetary to an inflation-targeting framework in 1999.

Guinigundo believes Tetangco’s successor must be able to quickly make decisions in an ever-changing global economic environment, something he says he can do with all of his experience.

“We need to recalibrate or change tools if necessary and that is what I can bring to the table,” he told Reuters in February. “I continue to search for new ways of doing things because the dynamics of monetary management has changed.”


Moncupa, 58, is chief executive and vice chairman of mid-sized lender East West Banking Corp.

He has more than 30 years of experience in the banking industry, including working for the International Exchange Bank, the United Coconut Planters Bank and the Union Bank of the Philippines.

Moncupa, who has a masters in business administration from the University of Chicago, has the backing of Duterte’s political party to be the next central bank chief.

Moncupa said the challenges facing the next central bank governor are not only monetary policy and banking supervision, but also the fight against money laundering and terrorism.

“If all these are done effectively, the appropriate level of savings and investments will happen and the banking industry can be harnessed as an instrument to help promote inclusive growth,” he told Reuters last month.

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  • Civil_Rights

    Who ever candidate to be chosen by DuDirty in BSP post has a little impact of manipulating AMLC doctrines legislated in congress and integral part of the constitution. DuDirty earlier threatened AMLC for not following his personal agenda of witch hunting against those people he ‘suspected’ of dealing with drugs comparing AMLC officials to those drug offenders being killed without due process of law.

    • Abby

      Watch out you’ll be next to be investigated!

      • Civil_Rights

        In your bobotantes dream.

        • Abby

          Ya right! Talk to your face.