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No more 3rd term for Tetangco at BSP

By: - Reporter / @bendeveraINQ
/ 12:36 AM January 12, 2017

As Congress would be unable to amend the Bangko Sentral ng Pilipinas’ charter before July, Governor Amando M. Tetangco Jr. will unlikely be granted an unprecedented third term, Senate President Aquilino Pimentel III said.

“I counted—we only have 47 session days [before July]. I don’t know if we can amend the BSP charter to repeal the two-term limit. I doubt it [a third term for Tetangco],” Pimentel told the Inquirer on the sidelines of the central bank’s annual reception for the banking community Tuesday night.

While a number of bills had been introduced in the lower house to allow a third term for the multiawarded BSP governor taking charge of the country’s monetary policy, none progressed ahead of Congress’ Christmas break.


Under the BSP charter, a governor can serve only two six-year terms. Tetangco was first appointed in 2005 by then President Arroyo and was reappointed by former President Aquino in 2011. Tetangco’s second term will end this July.

Finance Secretary Carlos G. Dominguez III earlier said he was convincing President Duterte to retain Tetangco in his post and be reappointed for another six-tear term, which could be done only by amending the BSP charter.

A number of names have cropped up as next in line to be BSP governor, including Deputy Governors Diwa C. Guinigundo and Nestor A. Espenilla Jr.

A ranking official close to President Duterte told the Inquirer that the President had told him that if he were to choose between Guinigundo and Espenilla, he would pick Guinigundo “because he’s an economist.”

Guinigundo heads the BSP’s monetary stability sector while Espenilla is on top of the central bank’s supervision and examination sector.

The other personalities who are reported to be being considered for the top BSP position included former Trade and Industry chief and Monetary Board member Peter V. Favila; East West Banking Corp. president Antonio C. Moncupa Jr., who also heads the ruling party’s PDP-Laban Research Planning and Development Institute and Foreign Affairs Secretary Perfecto R. Yasay Jr.

Guinigundo, Espenilla, Favila and Moncupa were all present at Tuesday night’s reception for bankers and were photographed next to each other.

In his speech before banking stakeholders, Tetangco expressed gratitude in what was his last bankers’ night as BSP governor.


“Indeed, time flies. I end my second term as governor of the Bangko Sentral ng Pilipinas on July 2, 2017. I take this opportunity therefore to thank the leaders of our banking industry and the BSP’s partner institutions for working with us through the worst of times, the best of times and all the time in between,” Tetangco said.

“Together, we have nurtured a vibrant and dynamic banking sector that is sound, stable and globally competitive. Indeed, it is a banking industry we can all be proud of,” Tetangco added.

For Tetangco, the past 11 and a half years of being BSP governor allowed him to see a “significant transformation in the banking sector.”

“I have had the privilege of managing, with you as partners, the content and the pace of change for the banking industry, seeing it evolve to where it is today, and moving it forward to help secure a better future for our economy, for our people,” Tetangco told the movers and shakers of the banking industry.

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TAGS: BSP, Business, economy, Governor Amando M. Tetangco Jr., News
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