BANGKO Sentral ng Pilipinas (BSP) Assistant Governor Chuchi Fonacier is the new central bank deputy governor for Stability and Examination Sector (SES).
“Dear all, I’m happy to inform that the MB [Monetary Board] approved today the appointment of Chuchi Fonacier as DG-SES, my successor,” Bangko Sentral Governor Nestor Espenilla Jr. said in a message to reporters on Thursday.
Before he was appointed as central bank governor, Espenilla headed the SS, which is mainly responsible for regulating banks and other BSP-supervised financial institutions.
Fonacier will supervise the inclusive financial advocacy unit, technical services staff, administrative and operations group, and four sub-sectors which handle onsite examination and inspection, offsite supervision, financial literacy, consumer affairs, financial data collection, and policy studies.
She started her career at the central bank as examiner in 1984 and has since become the assistant governor earlier this year.
“Among the highlights of her career as a central banker are the following: (i) her designation as the BSP’s point person of the two (2) important legislative measures passed by Congress – the Securitization Act, and the Special Purpose Vehicle Act, which were both instrumental in unloading banks’ non-performing assets and improving their financial position,” the central bank said.
The department she headed in 2008 was recognized as BSP’s primary supervisory unit that handles specially-challenged banks. A record number of challenges were successfully resolved, it said.
She was responsible for developing various programs, in coordination with the Philippine Deposit Insurance Corporation, aimed at strengthening the thrift, rural and cooperative banking sectors by encouraging mergers, consolidations and acquisition involving weak banks.
The Strengthening Program for Rural Banks Plus, Strengthening Program for Cooperative Banks Plus, and the Consolidation Program for Rural Banks were among the programs she helped develop.
Fonacier was also instrumental in issuing policies and procedures to accelerate the resolution of challenges in the banking industry, the BSP said.
She is a member and the BSP-designated representative in different interagency and international committees such as the Financial Sector Forum, Working Group on Banking Supervision of the Executives’ Meeting of East Asia Pacific Central Banks, and Credit Information Corporations Project, the central bank added.
Fonacier took up her Bachelor of Science in Commerce major in Accounting degree at the La Salle College-Bacolod. She is a Certified Public Accountant and holder of a Career Service Executive Eligibility. She obtained her master’s degree in Business Administration at the Ateneo de Manila University.