Ex-BSP governor joins Pilipinas Shell as new independent director

MANILA, Philippines — Pilipinas Shell Petroleum Corporation (PSPC) is pleased to announce the election of former Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. as a new independent member of PSPC’s Board of Directors effective May 11, 2021.

Tetangco’s board election increased the number of PSPC independent directors to four joining the distinguished roster of Cesar Buenaventura, Fernando Zobel de Ayala and Lydia Echauz.

Tetangco is the only person so far to have served two six-year terms as BSP governor from 2005 to 2017. He joined the BSP as a statistician in 1974, marking the start of a distinguished central banking career for over four decades that saw the country go through tough challenges.

As director of the International Economic Research Department, he was involved in crafting a debt- restructuring package in the 1980s to enable the country to postpone payments due to low foreign exchange reserves.

Tetangco was also integral as managing director for economic research and treasury in implementing measures that re-stabilized the foreign exchange market and the financial system during the 1997 Asian Financial Crisis.

By the end of his term, BSP was described in an S&P report dated May 14, 2017 as having “a record of supporting sustainable economic growth and responding appropriately to changing economic circumstances. Its ability to maintain macroeconomic and price stability through an economic cycle has been tested, including a period of exogenous shocks."

Tetangco was conferred the Order of Lakandula with the Rank of Bayani by the President of the Philippines in 2009 and the Order of the Rising Sun, Gold and Silver Star by the Emperor of Japan in 2019. He has been recognized multiple times as one of the world’s top central bankers by the Global Finance magazine of New York, consistently receiving an “A” rating in the Central Bank Report Cards.

The 2015 MAP Management Man of the Year currently sits on the board of private corporations in the healthcare, auto, hotel, leisure and tourism development, telecommunications and credit information sectors. He is also a trustee in foundations involved in education, health services and social welfare.

Tetangco graduated cum laude with an Economics degree from the Ateneo de Manila University, and earned his Master’s in Public Policy and Administration with concentration in Development Economics at the University of Wisconsin-Madison, USA as a Central Bank scholar. He also attended training programs in prestigious institutions that include the Harvard Business School and the New York Institute of Finance.