MANILA, Feb. 24 (Xinhua) -- The governor of the country's central bank, Bangko Sentral ng Phlipinas (BSP), and the chairman of the Monetary Board (MB) Nestor Espenilla died on Saturday at 60 years old, according to a statement of the MB on Sunday.

The board said it is deeply saddened to announce that Espenilla peacefully passed away surrounded by members of his family. Espenilla had been undergoing treatment for cancer for more than a year, the MB, the highest policy making body of the BSP.

Espenilla was appointed by President Rodrigo Duterte on July 3, 2017. He concurrently served as ex-officio Chairman of the Anti-Money Laundering Council (AMLC), Philippine International Convention Center (PICC) and the Financial Stability Coordination Council (FSCC).

"Under his leadership, the BSP continued to pursue major reforms under the theme Continuity Plus Plus covering monetary and financial policies, as well as the BSP organizational structure. He also spearheaded the digitalization of the retail payment system in the country for a more inclusive and efficient financial system," the board said.

During his tenure, the board said the amendments to the BSP charter were finally passed, strengthening the capability of the central bank to deliver its mandate to promote price and financial stability and to foster a safe, efficient and inclusive payment system.

In a special meeting held after Espenilla's death late Saturday, the Monetary Board designated Deputy Governor Almasara Cyd Tuano-Amador as BSP officer-in-charge effective immediately until such time that Duterte shall have designated an OIC or appointed a successor.