July 20, 2017 / 10:55 AM / a year ago

Philippine central bank names career official as deputy governor

MANILA, July 20 (Reuters) - The Philippine central bank has appointed Chuchi Fonacier, a career central banker, as one of its three deputy governors for a term of six years, the governor said on Thursday.

The Bangko Sentral ng Pilipinas had a vacancy for deputy governor in charge of supervising banks after Nestor Espenilla was promoted to governor in May, to succeed Amando Tetangco.

The 56-year-old Fonacier, who has a master’s in business administration from the Ateneo de Manila University, joined the central bank 33 years ago. She was named an assistant governor in 2017.

The Philippines is keen to develop a comparatively small lending sector, worth 14 trillion pesos ($275.2 billion), into an engine to drive an economy the government expects to grow to as fast as 8 percent annually in the medium term. ($1 = 50.8790 Philippine pesos) (Reporting by Karen Lema; Editing by Richard Borsuk)

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