Thrift bankers throw support behind Tetangco

MANILA, Philippines - The Chamber of Thrift Banks (CTB) has thrown its support towards the re-appointment of Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr.

The trade organization of the country’s thrift banking industry said that Tetangco has done a good job in keeping the inflation low and interest rates at the appropriate levels and the economy afloat despite pressure from rising oil and commodity prices. 

“Under his watch, the Philippines prevented inflation from rising amidst the massive liquidity resulting from the heavy influx of foreign funds. During his leadership, the BSP managed to stabilize the peso, boost foreign reserves to record highs and save the Philippines from recession in 2008 and 2009 while two-thirds of the globe was affected by the worst economic slowdown,” the CTB said in a statement.

The chamber said Tetangco has been named twice by Global Finance Magazine as one of the World’s Top Central Bankers.

“Through his exemplary leadership, the BSP remained a consistent top performer in wielding monetary tools that steered the country’s economy,” it added.

It further said: “The CTB is one with the BSP in its effort to address the most fundamental challenge, of achieving and maintaining a strong domestic financial system and rapid economic growth for the country. The CTB supports policies and programs of the BSP that address the concerns/challenges surrounding the industry.”

CTB maintains that a sound and stable financial system is a collective responsibility, which demands the commitment and cooperation of the entire spectrum of society – including the government, business, private individuals and the financial sector.