Tetangco sets ‘record’ as two-term BSP chief

Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr. on Monday was sworn into office by President Aquino, making history of sorts for having been the first central bank governor to be reappointed for a second six-year term. "There is so much more that I would like to do in improving monetary policy and strengthening the financial regulatory environment, Tetangco said in a text message to reporters. “We live in very challenging times. The risks from the global arena are vast and there is heightened uncertainty," Tetangco said. Tetangco was first appointed by former President and now Pampanga Rep. Gloria Macapagal Arroyo in 2005. "The confidence of the President humbles me and inspires me to serve more. As you know, there are many hazards of this job but I am encouraged to take these on because of the President's support and the knowledge that the BSP professional organization is behind me," Tetangco said. Tetangco finished his undergraduate in AB Economics at the Ateneo de Manila University, graduating a cum laude. In the same school, he took up graduate courses in business administration. Later on, as a central bank scholar, he went for an MA in Public Policy and Administration at the University of Wisconsin in Madison, USA, focusing on Development Economics. He was appointed as central bank governor in July 2005 after serving in different positions in the organization for over three decades, including the deputy governor in-charge of the Banking Services Sector, Economic Research and Treasury. Monetary Board members Also, Monday, former Socioeconomic Planning Secretary and National Economic and Development Authority director general Felipe Medalla and Development Bank of the Philippines former chairman and Subic Bay Metropolitan Authority administrator Alfredo Antonio were also sworn in by President Aquino as members of the seven-man Monetary Board, the BSP’s policy-setting body. Malacañang has yet to complete the seven-member Monetary Board slate. Apart from Tetangco and Antonio, those whose terms lapsed as Monetary Board member were former Finance Secretary Juanita Amatong and former Trade Undersecretary Nelly Favis-Villafuerte. Members of the Monetary Board with existing terms are Finance Secretary Cesar Purisima, former Trade Secretary Peter Favila and former Press Secretary Ignacio Bunye. They served Arroyo, but Purisima was a member of the Hyatt 10 who resigned en masse and called for the resignation of the former chief executive. Contending for the three remaining slots in the Monetary Board are Villafuerte, who is married to Camarines Rep. Luis Villafuerte Sr., DBP president and chief executive officer Franciso del Rosario Jr., and former BSP Deputy Gov. Armando Suratos. — VS, GMA News