By Lee C. Chipongian

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said he is confident that the BSP and himself as central bank chief continue to enjoy the support of President Rodrigo Duterte.

Espenilla is currently on leave for medical consultation and treatment for tongue cancer. He is expected to be in the US for most of January.

“The Duterte administration has generally been supportive of the BSP,” he said. “And me, personally, when I got sick,” he added.

Monetary Board member Bruce J. Tolentino said Espenilla, who is the Monetary Board chairman, likewise has the support of the policy-making body in his recovery efforts. “(We) support all efforts for the (BSP) governor to get the best treatment here and abroad,” he said.

Tolentino said the six members of the Monetary Board have been encouraging Espenilla to “seek the best possible treatment and explore all options to ensure full and early recovery.”

Last Friday, the start of his January 4 to 21 medical leave, Espenilla who turned 60 last October 12, said that an early retirement is not one of his options. He is hopeful that his medical treatment by local doctors will continue to work and that by consulting foreign medical practitioners, he could “maximize (his) chances of healing.”

The sitting BSP governor was diagnosed with tongue cancer in November 2017 and after surgery, was believed to be on the mend. He announced in early 2018 that he was cancer-free.

However, in September until mid-November last year, Espenilla was on intermittent medical leaves, for about seven weeks total, either for radiation treatment or chemotherapy, or both. The medical attention he will get in the US will take another two weeks at least for cancer treatment.

Espenilla said he is not thinking of retirement at this point, and not even “considering retirement at all.”

Espenilla has said himself that he has temporary speaking limitations but he assured the Monetary Board, BSP officials and staff that he remains accessible through electronic and digital channels.

While on medical leave, the three deputy governors, namely Diwa C. Guinigundo, Maria Almasara Cyd N. Tuaño-Amador and Chuchi G. Fonacier have been rotated for two weeks each to take over as governor OIC.

Industry observers said this could create an issue of stability for the independent institution and accountability for central bank leadership given the rotation periods.

Some bankers recalled a similar situation during the time of Rafael S. Buenaventura, the second governor of the new central bank who served from 1999 until 2005. He, too, was diagnosed with cancer when he had one more year to go under a fixed, six-year term.

Buenaventura took a long medical leave and left one of his then deputy governors, Amando M. Tetangco Jr. as acting governor. Tetangco was eventually appointed BSP chief when Buenaventura’s term ended in July 2005.

Espenilla said Friday that he wants “validation” from US doctors although his current treatment in the Philippines is “progressing well” but that further consultation should help “ensure full recovery.”