Bangko Sentral looks to strong institutions with fair policies

MANILA, Philippines–Strengthening institutions that will implement policies fairly and with regularity will be key to cementing the country’s economic development that the current government has worked hard to achieve, the Bangko Sentral ng Pilipinas (BSP) said.

Apart from focusing on inclusive economic policies, BSP Governor Amando M. Tetangco Jr. said consistency of policies would be one of the surest ways to foster business activity which, in turn, would create more jobs and raise incomes in the country.

Institutions, Tetangco said, need to “enforce the nation’s laws and regulations faithfully and consistently, [ensuring] the smoother functioning of the economy.”

Recently, critics have taken aim at administration officials who have shown leniency in settling some disputes as well as those who have taken hardline stances in handling other issues. One such case involves the Department of Transportation and Communications (DOTC). It recently disqualified conglomerate San Miguel Corp. from a major infrastructure project for a minor error in documentation—even though other companies with similar problems were forgiven in previous deals. The DOTC also recently reneged on an earlier promise to build a Metro Rail Transit train station in front of SM North Edsa in Quezon City.

Tetangco, for his part, recognized the Aquino administration’s efforts to build institutions, and expressed optimism for the success of government programs.

“The ongoing effort to establish such institutions should help promote a stable and dependable business environment where entrepreneurial activity … can flourish,” he said.