Buenaventura was offered various positions in government but politely declined them all until 1999, when Estrada once again offered him the position as BSP chief, in anticipation of Singson's end-of-term departure. Buenaventura would later explain that he and his siblings had made a promise to their late father that none of them would ever work in government. It was only after persistent convincing from Estrada himself and then finance secretary Jose Trinidad Pardo, a close adviser of the president and friend to Buenaventura himself, that Buenaventura was ultimately persuaded to accept the appointment to take over the BSP.