Palace: Gabby Singson laid foundations for stable PH banking system

Former Bangko Sentral ng Pilipinas Governor Gabriel C. Singson

Malacañang on Tuesday mourned the death of former Bangko Sentral ng Pilipinas governor Gabriel Singson, 87.

“Gabriel Singson served the nation exemplarily as the first Governor of the new Bangko Sentral ng Pilipinas,” Communications Secretary Herminio Coloma Jr. said in a statement. “We mourn the loss of an outstanding central banker and a devoted public servant.”

READ: Former BSP chief Gabby Singson dies at 87

“He laid the foundations for a more stable banking and financial system that enabled the country to overcome the challenges of the Asian financial crisis in the late nineties,” he said.

Singson, a lawyer by training, was appointed governor of BSP from July 6, 1993 to July 5, 1999 by then President Fidel V. Ramos. The Central Bank of the Philippines had just been abolished by Congress and was reconstituted as Bangko Sentral ng Pilipinas.

Singson headed the central monetary authority during the 1997 East Asian financial crisis and was lauded for his stewardship of the BSP amid the challenges faced by the country. TVJ