2nd Tetangco term good for financial system - Purisima

By Iris C. Gonzales, The Philippine Star

Posted at Jan 29 2011 06:35 PM | Updated as of Jan 30 2011 02:35 AM

MANILA, Philippines – The reappointment of Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. as the country’s chief monetary officer for another 6 years bodes well for the country’s financial system, Finance Secretary Cesar Purisima said on Jan. 28.

“This is a home run,” Purisima said, noting that Tetangco’s reappointment will provide continuity and stability in the management of the country’s financial system.

Tetangco on Thursday night said that he had accepted President Aquino’s offer for a second term in the BSP. His current term ends by July this year and his second term on 2017.

Government sources said Purisima was “instrumental” in the plan to reappoint Tetangco, who was appointed BSP Governor in July 2005 by President Arroyo.

Tetangco’s term ends in July and various names have floated earlier into the term of the Aquino administration. These include Aurelio Montinola III, chief executive officer of Ayala-led Bank of the Philippine Islands (BPI) and Deputy Governors Nestor Espenilla Jr. and Diwa Guinigundo.

Presidential spokesperson Edwin Lacierda said that Tetangco formally accepted President Aquino’s offer in a meeting with Purisima on Thursday afternoon.

Lacierda said Tetangco’s reappointment would ensure continuity in the fiscal policies of the government.

Tetangco, 59 years old, has been with the BSP since 1974, rising from the ranks to the top position, following the term of Rafael Buenaventura.