Tetangco ready to face new challenges, vows to improve monetary policy

MANILA, Philippines - Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. is ready to face the challenges arising from the economic uncertainties in advanced economies led by the US and vowed to improve the country’s monetary policy and at the same time strengthen the local banking system.

Tetangco, who was sworn into office by President Aquino yesterday, made history having been the first BSP governor to be reappointed for a second six-year mandate.

“There is so much more that I would like to do in improving monetary policy and strengthening the financial regulatory environment. We live in very challenging times. The risks from the global arena are vast and there is heightened uncertainty,” Tetangco said.

Tetangco, who was first appointed by former President and now Pampanga Rep. Gloria Macapagal Arroyo in 2005, said he was excited to pursue the vision for a world class monetary authority.

“The confidence of the President humbles me and inspires me to serve more. As you know, there are many hazards of this job but I am encouraged to take these on because of the President’s support and the knowledge that the BSP professional organization is behind me,” he added.

Tetangco took up AB Economics at the Ateneo de Manila University where he graduated cum laude. He took up graduate courses in business administration in the same institution. As a central bank scholar, he took up his MA in Public Policy and Administration (concentration in Development Economics) at the University of Wisconsin in Madison, USA.

He assumed office as BSP governor in July 2005 after occupying different positions in the organization in a span of over three decades. He served as Deputy Governor in-charge of the Banking Services Sector, Economic Research and Treasury.

As BSP chief, Tetangco is also the chairman of the Monetary Board, Anti-Money Laundering Council and Philippine International Convention Center; vice-chairman of the Agriculture Credit Policy Council; member of the Capital Market Development Council , Export Development Council, PhilExport Board of Trustees, Philippine Export-Import Credit Agency; and director of PDIC, National Development Council, and National Home Mortgage Finance Corp.

He also represents the country in various international and regional organizations, including the Executive Meeting of East Asia and Pacific Central Banks; ASEAN and ASEAN+3; South East Asia Central Banks; South East Asia, New Zealand and Australia ; Center for Latin American Monetary Studies; and Asia-Pacific Economic Cooperation.

He is the governor for the Philippines in the International Monetary Fund (IMF) and the Alternate Governor in the World Bank and in the Asian Development Bank.

Meanwhile, former Socioeconomic planning secretary and National Economic and Development Authority director general Felipe Medalla and former Development Bank of the Philippines (DBP) chairman and Subic Bay Metropolitan Authority (SBMA) administrator Alfredo Antonio were also sworn by President Aquino as members of the seven-man Monetary Board of the BSP.

Medalla who served as NEDA chief during the brief term of former President Joseph Estrada and is current director of the state-run Philippine National Oil Co. (PNOC) and economics professor at the University of the Philippines.

However, Malacañang has yet to complete the monetary board’s seven-man slate as it has yet to appoint a third replacement.

Aside from Tetangco and Antonio, others whose terms lapsed as monetary board member included former Finance Secretary Juanita Amatong and former Trade Undersecretary Nelly Favis-Villafuerte.

Other members of the board with existing terms include Finance Secretary Cesar Purisima, former Trade secretary Peter Favila and former Press Secretary Ignacio Bunye.

The three served under former President and now Pampanga Rep. Gloria Macapagal Arroyo.

Contenders for the remaining slot in the monetary board include Villafuerte, who is married to Camarines Rep. Luis Villafuerte Sr., DBP president and chief executive officer Franciso del Rosario Jr., and former BSP deputy Governor Armando Suratos.