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

THE PESO rebounded against the dollar on Thursday from a near 11-year low on the back of profit taking ahead of President Rodrigo R. Duterte’s State of the Nation Address (SONA) as well as bets of hawkish move by the European Central Bank (ECB) later in the day.

The local unit ended at P50.88 yesterday, gaining six centavos from its P50.94 finish on Wednesday, which was its worst finish in close to 11 years or since it ended at P50.945 per dollar on Aug. 29, 2006.

The peso opened the session at P50.90 versus the foreign currency, closer to its weakest level for the day at P50.93 per dollar, while its intraday peak was seen at P50.815 against the greenback. Dollars traded stood at $557.35 million on Thursday, slightly up from the $523 million that changed hands on Wednesday.

One trader attributed the peso’s strength versus the greenback to profit taking due to bets of hawkish remarks from the ECB at the close of its policy meeting.

“The peso appreciated today due to profit taking ahead of the likely hawkish ECB interest rate decision,” the trader said by e-mail on Thursday.

Reuters reported analysts are expecting the ECB to provide concrete details for their policy shift by September or October, with their decision driven by improved economic growth.

Meanwhile, another trader said by phone that the dollar declined against the peso on the back of profit taking as some market players await for Mr. Duterte’s second SONA next week.

“Basically, much of investors just squared off due to their long positions on Wednesday and there was profit taking ahead of the SONA,” the trader said.

For Friday, one trader said the exchange rate could settle at the P50.80 level, while the other trader said the peso could trade between P50.75 and P50.95 versus the greenback. “The peso might recover further due to expectations that the ECB would provide a more hawkish forward policy guidance,” one trader noted.

According to the trader, hawkish remarks from policy makers could translate to a softer dollar versus major and regional currencies.

“A hawkish ECB usually means a weaker dollar against the euro and a basket of other foreign currencies, including the peso. Any unexpected moves by the Bank of Japan might also influence market movements,” the trader said.

In contrast, Asian currencies were lower on Thursday as the dollar recovered from 10-month lows, while caution prevailed among investors waiting for an outcome from the ECB’s policy meeting. — Janine Marie D. Soliman with Reuters