Salute to the BSP governor!
On July 2, Amando M. Tetangco, Jr. will officially bow down after twelve (12) successful years as the governor and chairman of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).
In recognition of his significant contribution to the country’s economic growth, and strengthening confidence in the country amidst local, regional and global challenges, the Financial Executives Institute of the Philippines (FINEX), together with The American Chamber of Commerce of the Philippines, Inc. (AMCHAM), European Chamber of Commerce of the Philippines (ECCP), CIBI Foundation, Inc., Makati Business Club (MBC), Management Association of the Philippines (MAP) and the Philippine Chamber of Commerce and Industry (PCCI), will honor Governor Tetangco in a Special Testimonial Luncheon on May 24, 2017.
During the same event, FINEX will award the FINEX-Gov. Amando M. Tetangco, Jr. Professorial Chair for Monetary Policy and Financial Sector Development. The perpetual fund will be used to award professorial chairs in the field of economics, particularly on monetary policies and financial sector development, or to fund research related to these studies.
Governor Tetangco is attributed with strengthening the BSP’s ability to uphold growth through its monetary and banking policies. Inflation was maintained at low levels, thereby allowing the central bank to keep the policy rates stable. The country has attained the union of high economic growth and low inflation for many years.
The Philippines has been making relevant growth in promoting a more inclusive financial system, with financial inclusion, financial education, and consumer protection enhanced under Mr. Tetangco’s watch. He convened the 15-member inter-agency body to craft and implement the National Strategy for Financial Inclusion (NSFI) which aims to optimize collective efforts to achieve inclusive growth. The NSFI was officially launched on July 1, 2015. In 2014, the Economist Intelligence Unit (EIU) named the Philippines as the top country in Asia -- and third in the world -- with the most conducive environment for financial inclusion.
The BSP governor’s effective leadership was proven by various accolades. He has been recognized consistently by a number of international institutions as one of the world’s best central bank governors.
In February 2017, Mr. Tetangco was awarded 2016 Outstanding Achievement Award by FinanceAsia for his contributions to Philippine economic development and to the improvement of central banking standards in the region.
In 2016, Global Finance, a New York-based magazine, hailed Mr. Tetangco as one of the world’s top central bankers for the 8th time. Mr. Tetangco earned an “A” grade alongside with the central bank heads of Israel, Lebanon, Paraguay, Peru, Russia, Taiwan and United Kingdom. The Global Finance’s Central Bank Report Cards grade central bank governors of almost 75 jurisdictions in areas such as inflation control, economic growth goals, currency stability and interest rate management.
The Management Association of the Philippines also named Mr. Tetangco Management Man of the Year in 2015. Distinctions were not only regarded to him, but also to the organization he serves. Truly, all the recognitions are deserved by Governor Tetangco.
As we move towards the new era of the central bank under the leadership of its new head, Nestor A. Espenilla, Jr., let us be thankful for the past 12 years of monetary stability and may it continue to be so in the years to come.
Atty. Benedicta Du-Baladad is the managing partner and CEO of Du-Baladad and Associates (BDB Law) and president of FINEX.