Chuchi Fonacier
BSP’s Chuchi G. Fonacier speaking at the Asia Microfinance Forum 2014

THE Monetary Board has named career central banker Chuchi G. Fonacier as the new deputy governor for banking supervision at the Bangko Sentral ng Pilipinas (BSP).

Ms. Fonacier, who has rendered 33 years of serving the central bank, takes over as head of the BSP’s Supervision and Examination Sector, a post previously held by now-Governor Nestor A. Espenilla, Jr.

Mr. Espenilla made the announcement in a text message to reporters yesterday after the decision of the Monetary Board, which is the BSP’s highest policy-making body.

Prior to her appointment, Ms. Fonacier was named sector-in-charge after Mr. Espenilla took the central bank’s top post on July 3.

Ms. Fonacier entered the Central Bank of the Philippines in 1984 as a bank examiner and eventually rose through the ranks as Assistant Governor, where she worked with Mr. Espenilla for concerns on bank supervision.

Ms. Fonacier is a certified public accountant and a holder of a career service executive eligibility for public servants. She holds a bachelor’s degree in Commerce major in Accounting from La Salle College-Bacolod and a Master in Business Administration from the Ateneo de Manila University.

Among her previous duties include resolution of problem banks, as well as promoting mergers among small banks via the strengthening program for rural and cooperative banks from 2010 to 2015, and the consolidation program for rural banks which is due to expire next month.

With the appointment, Ms. Fonacier would now supervise the BSP’s inclusive financial advocacy unit, technical services staff, administrative and operations group, alongside operations on bank examination and inspection, financial data collection, and policy studies. She would also oversee the BSP’s consumer affairs and financial literacy initiatives.

Ms. Fonacier’s stint as deputy governor for bank examination comes at a time of increasing focus on cyber-security, which has been flagged by central bank officials as a constantly-evolving threat for the financial system. Mr. Espenilla has said that the central bank will be issuing updated guidelines on rules covering cyber-security and information technology risk management for banks and financial firms.

The Supervision and Examination Sector has also ordered the migration of credit and debit cards to the Europay Mastercard Visa standard by June 2018, a platform deemed more secure versus skimming and fraud compared to the old magnetic strip technology.

The planned National Retail Payments System, which seeks to steer financial transactions towards electronic payments and away from cash settlements, likewise falls under Ms. Fonacier’s watch after its launch in 2015. — Melissa Luz T. Lopez