Tetangco heads int’l banking body

MANILA, Philippines - Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. has been appointed chairman of the Asian Consultative Council under the Bank for International Settlement (BIS).

Tetangco, who has been recognized as one of the world’s best central bankers, will succeed Bank of Korea Governor Choongsoo Kim, who has been the ACC chairman since October 2012.

Tetangco has held the position of BSP Governor since his first appointment in 2005. In 2011, Tetangco was re-appointed for another six-year term by President Aquino.

The ACC is made up of governors of BIS central banks in Australia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand.

“It facilitates communication between these central banks and the BIS Board and Management on matters of interest to the central banking community in Asia and the Pacific,” the BIS said.

“It also provides guidance for the research and banking activities of the BIS Representative Office for Asia and the Pacific in Hong Kong SAR. The BIS Asian office serves as the secretariat for the ACC,” the BIS continued.

The BIS, established in 1930, serves as a cooperation between central banks and is headquartered in Basel, Switzerland.

According to its website, its mission is to aide central banks in achieving monetary and financial stability, to promote international cooperation, and act as a bank for central banks.

The BIS also plays a significant role for establishing Basel Capital Accords, which is a set of regulations in the banking industry.