By Lee C. Chipongian
Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. was bestowed the “Lifetime Leadership Achievement Award” by The Asian Banker, which cited the positive contributions of the BSP to the country’s financial services industry and the economy at large under his guidance.
The Asian Banker also named the BSP, which is recognized as a pillar of strength for the Philippine economy, the “Best Macroeconomic Regulator in Asia-Pacific” last June 8.
Emmanuel Daniel, chair of The Asian Banker, described Tetangco as being instrumental in helping the Philippines transform from a speculative- to an investment-grade economy. “(Tetangco) made a huge difference… lifting his country to becoming investment grade and stepping high and tall in the league of nations,” he said.
Daniel further described Tetangco as “…one of the most respected and highly regarded regulators to hail from Asia.”
In its letter of invitation to Tetangco, The Asian Banker said his term as BSP chief “is a significant hallmark in the development of the financial services industry in the Philippines.”
It also said Tetangco “demonstrated skill in guiding the macroeconomic policy in the Philippines” so the country could “benefit from its potential as a robust and sustainable fast developing country.”
In his acceptance speech, Tetangco said 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.
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.
“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 started his career in central banking in 1974. He rose from the ranks until being appointed Governor in 2005. He was reappointed for another six-year term in 2011, becoming the first BSP Governor to serve for two terms.
He will be stepping down in July, and will be replaced by Nestor Espenilla Jr., who is currently deputy governor of the BSP in charge of bank examination and supervision.
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