Chuchi G. Fonacier

Deputy Governor

Financial Supervision Sector

DG Fonacier is the head of the Financial Supervision Sector (FSS), which is mainly
responsible for the regulation of banks and other BSP-Supervised Financial Institutions
(BSFIs). Under her direct supervision are five subsectors which handle onsite examination
and offsite surveillance (or integrated supervision) of BSFIs including specialized
supervision of specific areas (i.e., anti-money laundering, trust, financial market
operations and information technology), oversight of the public credit registry, policy
studies/research, and supervisory data management.

DG Fonacier joined the BSP in 1984 as a bank examiner and worked her way to
become the deputy governor of FSS in 2017. In 2008, she headed the BSP’s primary
supervisory unit that handles specially-challenged banks. Under her watch, a record
number of bank issues and developments were successfully resolved and implemented.
She also led the development of various programs, in coordination with the Philippine
Deposit Insurance Corporation (PDIC), aimed at strengthening the thrift, rural, and
cooperative banking sectors by encouraging mergers, consolidations, and acquisition
involving weak banks.

DG Fonacier served two extended terms as Chair of the Executives’ Meeting of
East Asia Pacific Central Banks Working Group on Banking Supervision (EMEAP WGBS),
composed of central bank and supervisory authorities from 11 countries in the East Asia
and the Pacific which focuses on bank supervision matters that are relevant to EMEAP
WGBS members. She also served as Chair of the Global Standards and Policy of the
Alliance for Financial Inclusion and the Consumer Protection and Education Committee of
the Financial Sector Forum.

She is currently a Steering Committee Member and the BSP Representative
Plenary Member to the Network of Central Banks and Supervisors for Greening the
Financial System (NGFS) and the permanent alternate of the BSP Governor in the Board
of Directors of the Philippine Deposit Insurance Corporation (PDIC). She previously served
as an alternate Member of the National Development Corporation (NDC), as well as the
Agricultural Credit Policy Council – Governing Council.

DG Fonacier has served as panelist/resource person in various international
conferences/fora on banking supervision, sustainable finance, financial technology and
digitalization, financial inclusion, shadow banking, microfinance, bank resolution and
crisis management, financial stability, capacity building, etc. organized by international
bodies such as the United Nations (UN), IMF/World Bank, Bank of International
Settlements (BIS), Financial Stability Institute (FSI), Asia-Pacific Economic Cooperation
(APEC), Asian Bankers Association (ABA), South East Asian Central Banks (SEACEN) and
central banks and monetary/supervisory authorities of various countries.

DG Fonacier took up her Bachelor of Science in Commerce major in Accounting
degree at University of St. La Salle – Bacolod. She is a Certified Public Accountant (CPA)
and a holder of a Career Service Executive Eligibility (CSEE). She obtained her Master’s
degree in Business Administration (MBA) at the Ateneo de Manila University. She
attended the Program on Rethinking Financial Inclusion: Smart Design for Policy and
Practice organized by the Harvard Kennedy School and the Executive Development
Program offered by The Wharton School, Aresty Institute of Executive Education.