Tetangco among world’s best central bankersBy Michelle V. Remo
Philippine Daily Inquirer
New York-based business magazine Global Finance has named Governor Amando Tetangco Jr. of the Bangko Sentral ng Pilipinas one of the best central bank heads in the world for 2012, giving him a grade of “A” together with five others.
This is the fourth time that Tetangco was given the highest grade by the international publication in its annual scorecards for central bank leaders. He also got an “A” last year, in 2007 and in 2006.
The recognition of Tetangco as a top central banker came amid a relatively benign inflation in the Philippines even as the economy has grown at a faster clip. It also came after observations that the Philippine banking sector remained stable and profitable despite the adverse effects of unfavorable developments in the global economy.
Consumer prices rose an average 3.1 percent in the first half, well within the target range of 3 to 5 percent for the full year. The economy, measured in terms of gross domestic product, grew 6.4 percent in the first quarter from 4.9 percent in the same period last year.
The BSP said inflation was expected to remain benign over the short term and that Philippine banks were expected to continue supporting economic growth through increased lending.
Other central bank heads who were likewise given an “A” for this year by Global Finance were Glenn Stevens of Australia, Mark Carney of Canada, Stanley Fischer of Israel, Zeti Akhtar Aziz of Malaysia and Fai-Nan Perng of Taiwan.
“Every year, we assess the determination of central bankers to stand up to political interference, and their efforts at influencing their governments on such issues as spending and economic openness to foreign investment and financial services,” Global Finance publisher Joseph Giarraputo said in the magazine’s latest issue.
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