Philippine Central Bank Names Second Woman Deputy Governor

  • Veteran Chuchi Fonacier to be in charge of bank supervision
  • Fonacier backed consolidation of small banks, securitization

The Philippine central bank named Chuchi Fonacier as deputy governor in charge of supervising lenders, appointing its second woman of three deputies at the institution.

Fonacier, 56, started her career as a bank examiner in 1984 and worked her way up the ranks to become assistant governor in charge of compliance of financial institutions. She was appointed earlier this month as officer-in-charge of bank supervision, a position previously held by Governor Nestor Espenilla.

The other two deputies are Cyd Amador, 60, who was appointed earlier this year, and Diwa Guinigundo, 63. Espenilla, who took office in July, made the announcement of Fonacier’s appointment via a mobile-phone message on Thursday.

Fonacier, an accountant, helped lobby for laws that created a framework allowing lenders to issue securities backed by claims against mortgages, and special purpose vehicles to unload bad loans. She also encouraged mergers and acquisitions of and among the nation’s smaller banks.

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