MBC gives Tetangco vote of confidence

The influential Makati Business Club (MBC) has urged lawmakers to make the necessary amendments that would allow Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. to serve for an unprecedented third term.

“We fully support [President Duterte’s] wish to appoint Mr. Tetangco for a third term and we join him in urging our lawmakers of the 17th Congress to amend Section 6 of the New Central Bank Act of 1993 which limits the term of the BSP Governor to one reappointment.  We are confident that under Mr. Tetangco’s watch, the BSP will continue to serve its mandate toward the continued well being of our country’s economy,” the MBC said in a statement Tuesday.

MBC said the BSP under Tetangco, who took over in 2005, was able to keep inflation manageable while implementing sound monetary policies.

“This has significantly cushioned the country from external shocks and has largely insulated us from the adverse effects of recent global and regional financial crises,” the group said.

The MBC pointed out that the BSP has consistently ranked first in the MBC Executive Outlook Survey, an annual survey conducted to determine members’ perception on the performance of Philippine government agencies. It said the net satisfaction score of the BSP has been remarkably high since Tetangco took office.

Tetangco was first named governor by then President Arroyo in 2005 and reappointed by President Aquino in 2011.

Tetangco is set to end his second six-year term as BSP chief in July 2017. President Duterte, however, agreed to retaining the internationally respected central bank governor, the Inquirer reported last week.