(Eagle News)–The Palace on Sunday, Feb. 24, expressed its condolences to the kin of Bangko Sentral ng Pilipinas governor Nestor Espenilla, who passed away on Saturday night.
In a statement, Presidential Spokesperson Salvador Panelo said the Palace was “saddened” to learn about the “untimely demise” of Espenilla.
“This UP magna cum laude graduate was best remembered by the ordinary Juan de la Cruz for making financial services closer to Filipinos who—we are all aware—transact mostly using non-bank channels,” he said.
He said Espenilla “pioneered a National Retail Payment System and introduced InstaPay, an electronic fund transfer system, and PESONet, an automated clearing house, which saw the Philippines’ gradual shift from cash and check-based payments to electronic means.”
“As we express our condolences to the family, friends, colleagues and loved ones of Governor Espenilla, we express our gratitude to the man once in charge of disciplining banks for his complete devotion to his work and great service to the nation,” he said.
“Rest in peace, Governor Nesting,” he added.
Espenilla passed away after battling tongue cancer.
He was 60 years old.