In 1998, while Buenaventura was still head of PCIB, his old schoolmate, Joseph Estrada, was elected president of the country. Buenaventura was subsequently asked to head the Bangko Sentral ng Pilipinas (BSP), the Philippine central monetary authority, as central bank governor. The incumbent governor of the BSP, Gabriel C. Singson, had turned in his courtesy resignation, but the financial market was already in turmoil following the outbreak of the Asian financial crisis in 1997. Removing the incumbent central bank chief would have added uncertainty in an already jittery market, so Buenaventura promptly turned down the offer.