Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. has earned a “B+” rating in Global Finance’s latest Central Banker Report Cards.
Published since 1994, the magazine’s report cards grade central bank governors on an “A” to “F” scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management.
“A” represents an excellent performance, while “F” marks an outright failure.
Espenilla’s “B+” rating came just over a year after his appointment as Bangko Sentral chief.
“Central bankers are confronting a perfect storm of challenges, from unwinding quantitative easing to shielding economies from political upheavals,” Global Finance publisher and editorial director Joseph Giarraputo said.
“Our scorecards for these public finance leaders show who is maintaining control and moving forward, and who is struggling against slippery political or economic changes,” he added.
Global Finance noted that in the Philippines, monetary authorities had raised key interest rates by a total of 150 basis points beginning May as inflation exceeded target, averaging 5 percent in the first nine months of 2018.
First-half economic growth of 6.3 percent, meanwhile, remains below the government’s target of 7.0-8.0 percent for this year up to 2022.
The peso, which has weakened by over 8 percent against the dollar since the start of the year, closed at P54.18:$1 on Wednesday, up 6 centavos from the previous day.