BSP governor Amando Tetangco Jr. FILE PHOTO
A few weeks before he ends his unprecedented second term as head of the Bangko Sentral ng Pilipinas, Governor Amando M. Tetangco Jr. was bestowed a lifetime leadership achievement award by a financial services intelligence provider.
The BSP was also named by The Asian Banker as the best macroeconomic regulator in Asia-Pacific, the government’s Investor Relations Office (IRO) said in a statement on Monday.
During the awarding ceremonies held in Singapore last June 8, The Asian Banker chair Emmanuel Daniel “described Tetangco as being instrumental in helping the Philippines transform from a speculative- to an investment-grade economy,” the IRO said.
“[Tetangco] made a huge difference… lifting his country to becoming investment grade and stepping high and tall in the league of nations,” Daniel was quoted by the IRO as saying.
Daniel also described the outgoing BSP chief as “one of the most respected and highly regarded regulators to hail from Asia.”
The Asian Banker earlier told Tetangco in its letter of invitation that “your career in Bangko Sentral ng Pilipinas, culminating in your position as governor from 2005 to present, is a significant hallmark in the development of the financial services industry in the Philippines.”
Tetangco also “demonstrated skill in guiding the macroeconomic policy in the Philippines” so that it may “benefit from its potential as a robust and sustainable fast developing country,” The Asian Banker added.
In response, Tetangco was quoted by the IRO as saying in his acceptance speech that “he shares the award with the men and women of the BSP, which has helped provide the Philippines an environment that is conducive for sustainable strong economic growth.”
“I am convinced that aiming for more inclusive economic growth is a fitting anchor to public service… And aspiring for a more inclusive financial system is a proper guidance to central banking,” Tetangco said.
“If governments, central banks included, are to be truly significant and meaningful to the people they serve, inclusivity should be at the top of their agenda,” Tetangco added.
The IRO noted that “under Tetangco’s watch, the BSP has been able to keep inflation manageable and has succeeded in bolstering growth and stability of the banking sector through sound and pre-emptive monetary policy and bank regulations, respectively.”
“Also, under his leadership, the BSP pioneered projects and programs toward financial inclusion,” the IRO noted.
Tetangco’s second term will end on July 2. President Duterte earlier appointed Deputy Governor Nestor A. Espenilla Jr. as Tetangco’s successor.