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Philippines' incoming central bank governor says wants efficient monetary, financial system
May 9, 2017 / 7:53 AM / 7 months ago

Philippines' incoming central bank governor says wants efficient monetary, financial system

MANILA (Reuters) - 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.

Incoming Philippine Central bank Governor Nestor Espenilla speaks during a news conference at the Bangko Sentral ng Pilipinas in Manila, Philippines May 9, 2017. REUTERS/Karen Lema

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

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