Philippines Central Bank getting a new governor
Jose Fernandez was named new governor of the Philippines Central Bank to succeed Jaikme Laya, a spokesman for President Ferdinand Marcos announced Thursday.
Mr. Fernandez is president of the Far East Bank and Trust and has close links with the international financial community, including Japanese and US banks. The Philippines is seeking to restructure some of its $25 billion foreign debt, and many American and Japanese banks are directly involved in the negotiations.
It was disclosed last month that the Central Bank had overstated by some $600 million the extent of its foreign reserve holdings.