MANILA The incoming Philippine central bank governor Nestor Espenilla on Tuesday said he will pursue a efficient, resilient and market-oriented agenda and is committed to reshaping the financial system to be more responsive to the broader economy.
In his first news conference since being named on Monday as successor to Bangko Sentral ng Pilipinas Governor Amando Tetangco, Espenilla also said an existing reserve requirement policy would be reviewed, and the bank would be committed to protecting the financial system from criminal elements.
Espenilla said the system needed to be more equitable and inclusive and would need an innovative approach to address that. He expressed interest in working with legislators to relax bank secrecy laws and expand anti-money laundering laws to cover casinos.
(Reporting by Karen Lema; Writing by Martin Petty; Editing by Shri Navaratnam)