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How 'sticking to facts' brought BSP's Chuchi Fonacier to the top

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Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/03/30/foncaier-bsp.jpg"/><figcaption>Chuchi Fonacier was named the Deputy Governer of the Supervision and Examination Sector (SES) of the Bangko Sentral ng Pilipinas (BSP) in 2017. Photo by: BSP</figcaption></figure></div>MANILA – Sticking to facts and shunning the “pwede na” mentality helped Chuchi Fonacier become one of the top executives running the country’s central bank.Chuchi Fonacier was named Deputy Governor of the Supervision and Examination Sector (SES) of the Bangko Sentral ng Pilipinas (BSP) after Governor Nestor Espenilla Jr. vacated the post in 2017.She started her banking career as a bank examiner in 1984. “I have never thought career-wise that I would someday become the Head of the SES. What I did was to focus in my work and consciously to deliver what is expected of me,” Fonacier told ABS CBN News.“I also set standards for myself so as not to fall into the trap of the “pwede na” mentality. You can have fulfillment for as long as your personal standards are met and you will not feel frustrated even if you are not being recognized in your work,” she said.Leading the Supervision and Examination Sector (SES) is challenging she said, because its main responsibility is the regulation of banks and other BSP-supervised financial institution.&quot;I believe that regardless of whether the industry is male or female dominated, what is important is that whatever I do I should always be guided by facts, to always stick to the facts,&quot; she said.<div>Women on Top</div>In general, the number of women occupying top positions in the private sector and in government still pales in comparison to men, Fonacier said. Nevertheless, the BSP advocates diversity “because women bring in a different perspective in, among others, decision making process and in the way personnel are being engaged,” she said. Women are also more intuitive, have more patience and pay more attention to details, she added. She said more women should be represented in the decision-making and direction-setting aspects. Fonacier said, although women cannot strike a deal or arrive at decisions playing golf or over a bottle of beer, there are instances when women are more effective than men.Women can address issues &quot;in a way that is not offensive, if actions will not be taken to address bank’s problems and concerns,&quot; she said. <div>Women representation in the executive level</div>The latest figures from the BSP show that in big banks only about a fifth of the Board of Directors (BOD) are women, a number she hopes to see improve in the future.&quot;Given that gender equality concerns and efforts are at the forefront, I am positive that the disparity of men’s and women’s representation in top positions will be on a decreasing trend,&quot; Fonacier said.The country already has the Magna Carta of Women (R.A. 9710), the Women in Development and Nation Building Act (R.A. 7192) and the Act Giving Representations to Women in the Social Security Commission (R.A. 7688), among others, she said.<div>Work-life balance</div>It wasn’t easy, she said, especially when her children were younger. “I find it really difficult to achieve a near perfect work-life balance given the demands of work and responsibilities in the office, but I always try to find time to have quality and meaningful moments with my husband and children,” she said.“I feel guilty that my children are deprived of my time and attention as I spent most of my time in work and in the office,” she said.When asked if she’d chose to do it the same way, she said career and family could be “complementary.”&quot;What I have achieved gave me a sense of fulfillment career-wise. But more than this, what I consider as our greatest accomplishment is being able to raise our children well. I am blessed and grateful that I feel fulfilled in both my career and family life,&quot; she said.

Sticking to facts and shunning the “pwede na” mentality helped Chuchi Fonacier overcome challenges and become one of the top executives running the country’s central bank today.

Sticking to facts and shunning the “pwede na” mentality helped Chuchi Fonacier overcome challenges and become one of the top executives running the country’s central bank today.

How 'sticking to facts' brought BSP's Chuchi Fonacier to the top

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How 'sticking to facts' brought BSP's Chuchi Fonacier to the top

Jessica Fenol,

ABS-CBN News

Published Mar 30, 2018 06:02 AM PHT

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Bangko Sentral ng Pilipinas

BSP

gender equality

women on top

women executives

Board of Directors

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