Tetangco wants replacement named soon

BSP Governor Amando M. Tetangco Jr. ARNOLD ALMACEN/INQUIRER FILE PHOTO

The sooner his replacement as head of the Bangko Sentral ng Pilipinas is announced, the better, Governor Amando M. Tetangco Jr. said yesterday.

On the sidelines of the Management Association of the Philippines’ general membership meeting and economic briefing, Tetangco told reporters that there was no decision yet on who would replace him as BSP governor.

“As the President said, he’ll be basically relying on the recommendation of the secretary of finance and the secretary of finance has been discussing this,” Tetangco said, referring to Finance Secretary Carlos G. Dominguez III, who heads the Duterte administration’s economic team.

Asked when will be an ideal time to announce his replacement, Tetangco said he deemed that the name of his successor should be announced as early as possible.

“In my case it was actually earlier—February of the same year. The earlier, the better,” Tetangco said.

Under the BSP charter, a governor can only serve 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 on July 2 this year.

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.

The other personalities who were rumored as being considered for the top BSP position included former trade and industry chief and ex-Monetary Board member Peter V. Favila and East West Bank president Antonio C. Moncupa Jr., who also heads the ruling party’s PDP-Laban Research Planning and Development Institute.

Last March 14, Tetangco said that appointing a BSP official to replace him when his term ends would augur well to sustaining the gains in monetary policymaking.

“If you want seamless transition in the BSP, the next governor should be one with central banking experience, so an insider,” Tetangco told the Chamber of Thrift Banks’ 2017 national convention when asked if he preferred an “insider” or an “outsider” as his successor.

Asked what three competencies the next BSP Governor must possess, Tetangco said these should include patience, know-how in working with the organization and a good understanding of what he is supposed to do.