MANILA, Philippines - Bangko Sentral ng Pilipinas Governor Amando Tetangco and members of the BSP Monetary Board hosted a reception for the banking community at the BSP compound last January 17, 2014.
At this traditional event were leaders of the banking community, distinguished guests from government and the private sector, members of the diplomatic corps, BSP partner institutions and the media. The multi-sectoral representation reflects the foundation that underpins the growth trajectory of the country’s economy.
In January 1949, or 65 years ago, the Central Bank of the Philippines started operations here in Manila. In 1993, Republic Act 7653 created a new central bank now known as Bangko Sentral ng Pilipinas. Under the leadership of Gov. Tetangco, the economy has been growing consistently in an environment of low and stable inflation. With a GDP growth of 7.4% in the first nine months of 2013, our country was hailed as the fastest-growing in the ASEAN region. Capping the accomplishments of the Philippine economy is the country’s entry into the investment-grade credit rating territory in 2013 by three major credit rating agencies – Fitch, S&P and Moodys. Photos by MIKE AMOROSO