House bill filed to extend anew Tetangco’s term

A Mindanao congressman has filed a bill that would pave the way for the appointment of outgoing Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. to an unprecedented third term.

Cagayan de Oro City Rep. Maximo Rodriguez Jr., an administration ally, said under the law, the BSP governor and other members of the Monetary Board have a term of office of six years with one reappointment.

However, he said there should be exceptions for those “who deserve to stay longer because of the exemplary job that they are doing.”

He said an extended term would allow these functionaries “to finish what they have started.”

“Many investors in the country are saying that the key to maintaining investor confidence is having a reputable finance secretary and an equally reputable BSP governor,” he added.

Under the Rodriguez bill, a member of the Monetary Board would have a term of office of six years and may be reappointed not more than twice.

In Tetangco’s case, he was appointed in 2005 and reappointed in 2011. His term will expire in July next year.

President Duterte has reportedly offered Tetangco a third term, which would require the amendment of Republic Act 7653 or the New Central Bank Act.

The offer was made through Finance Secretary Carlos Dominguez.

The outgoing BSP governor has expressed elation over the gesture, saying it would be an honor to stay longer in his post.

However, he said his fate would be up to the President and Congress.

Tetangco has said he was confident the BSP would continue to effectively carry out its mandate of maintaining financial stability whoever heads it.

“He will have the support of a committed, competent team,” he said.

As a central banker, Tetangco has reaped numerous awards from the international banking community.