Business group wants Tetangco’s term as BSP governor extended

A group of businessmen supported the call for Amando Tetangco Jr. to remain as central bank governor for the effective supervision of the country's financial and banking system.

In a statement, the Makati Business Club (MBC) said they recognizes the outstanding work of Tetangco as the Governor of the BSP since 2005.

This came after the pronouncement of President Rodrigo Duterte last week that he wants Tetangco, one of the world's most effective central bank governors, to stay for an unprecedented third term as the chief of BSP.

"We fully support the President’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," MBC said.

"We are confident that under Tetangco’s watch, the BSP will continue to serve its mandate towards the continued well being of our country’s economy," it added.

Under the leadership of Tetangco, the BSP has been effectively executing and fulfilling its mandate of keeping inflation manageable, conducting sound monetary policy, and supervising financial institutions under its jurisdiction.

This, according to the organization, 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 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, and the net satisfaction score of the institution has been remarkably high since Tetangco took office in 2005. (MBM)