Chuchi Fonacier is new BSP deputy governor for bank supervision
MANILA, Philippines – Chuchi Fonacier is the new Bangko Sentral ng Pilipinas (BSP) deputy governor in charge of bank supervision, the first woman to hold the post.
The central banker will fill up the post vacated by BSP Governor Nestor Espenilla Jr.
The Monetary Board (MB) approved the appointment of Fonacier as deputy governor and head of BSP's Supervision and Examination Sector. This sector is mainly responsible for the regulation of banks and other BSP-supervised financial institutions.
"The MB approved the appointment of Chuchi Fonacier as my successor," Espenilla said. This makes Fonacier the first woman to head BSP's SES.
Fonacier would directly supervise the inclusive financial advocacy unit, technical services staff, as well as administrative and operations group. She will also monitor 4 sub-sectors that handle onsite examination and inspection, offsite supervision, financial literacy, consumer affairs, financial data collection, and policy studies.
Fonacier joined BSP in 1984 as a bank examiner and worked her way to become assistant governor in 2017. (READ: Espenilla's target: Break new ground for financial inclusion)
One of the highlights of Fonacier's career as a central banker is her designation as the BSP's point person of two important legislative measures passed by Congress – the Securitization Act and the Special Purpose Vehicle Act.
Both laws were instrumental in unloading banks’ non-performing assets and improving their financial position.
In 2008, she headed the BSP’s primary supervisory unit that handles specially-challenged banks. Under her watch, a record number of banks were successfully resolved.
Fonacier also pursued the development of various programs, in coordination with the Philippine Deposit Insurance Corporation (PDIC), aimed at strengthening the thrift, rural, and cooperative banking sectors by encouraging mergers, consolidations, and acquisition involving weak banks.
Fonacier took up Bachelor of Science in Commerce with a major in accounting at the La Salle College – Bacolod and obtained her Master in Business Administration (MBA) at the Ateneo de Manila University. – Rappler.com