For the third Chapter, I wish to present Deputy Governor Nestor Espenilla, Jr.. He is Bangko Sentral ng Pilipinas (BSP) deputy governor for Supervision and Examination Sector, the sector that’s mandated to regulate banks in order to keep a stable banking system.
He graduated magna cum laude from the School of Economics of the University of the Philippines (UP) and holds a master’s degree in policy science from the Graduate Institute of Policy in Tokyo.
Nesting and wife Tess have three children who also take after them in terms of academic achievements. Recently, their daughter graduated from the Harvard University.
The BSP is one of the most highly regarded government institutions with its independent monetary policies being implemented, resulting in a sound banking system. It also has programs in financial literacy in collaboration with schools and banks. I once attended an awarding ceremony for teachers (chosen from all over the country) who championed teaching this important life lesson to their students. On the other hand, banks are encouraged to offer savings accounts for kids with low or no minimum balance/deposits in order to start the children with their saving habit as early as possible.
Let’s now listen to DG Espenilla as he reads Chapter 4, which contains the most famous personal finance mantra.