Lawmaker backs term extension for BSP chief
A senior administration lawmaker expressed support yesterday to the proposal of President Duterte to amend the current mandate of the Bangko Sentral ng Pilipinas that would extend by another term the tenure of BSP Governor Amando Tetangco Jr.
“He ( Tetangco) is exactly what we need at the BSP. He is highly professional and apolitical. The job as BSP governor is really cut out for Tetangco. He truly understands his work at the BSP,” Iloilo City Rep. Jerry Trenas, said.
Duterte is asking Congress – to amend RA 7653, or the New Central Bank Act of 1993, and allow Tetangco to extend his tenure.
In a statement, Trenas said Tetangco has proven not only his competence as BSP chief but has demonstrated his professionalism that allowed him to work with two different administrations – those of former presidents Gloria Macapagal Arroyo and Benigno Aquino III.
Tetangco was first appointed by Arroyo – now a Pampanga congresswoman – in 2005, and was reappointed by Aquino – who took over the presidency in mid2010 – in 2011. He is set to step down on July 2017.
Duterte has expressed interest in giving him an unprecedented third term to Tetangco, but that this is not allowed under the current BSP charter. Trenas observed even Duterte appears impressed with Tetangco’s work ethics and is keen on reappointing him.
Trenas said he would personally file a bill seeking to remove the term limits set for BSP governor, specifically Sec. 6 of RA 7653 which limits the term of the BSP chief to only one reappointment.
The job of a BSP chief requires a very special breed of technocrat like Tetangco, he said.
Trenas agrees with the observation of the Makati Business Club that the country still needs Tetangco at the BSP especially now that the global monetary situation is highly unstable due to certain geopolitical paradigms that could have direct impact on the country’s economy.
The Visayas lawmaker said Tetangco has been very effective in implementing policies that kept the country’s inflation very manageable and in implementing policies that cushioned the country from global economic challenges.