Tetangco named among world's best CB governors

by Prinz P. Magtulis, The Philippine Star

Posted at Aug 25 2012 08:06 AM | Updated as of Aug 26 2012 07:54 PM

MANILA, Philippines - For the second straight year, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. was named one of the world’s top central bankers by an international finance magazine.

Tetangco, who has been at BSP’s helm for seven years now, was graded “A” by the Global Finance magazine alongside five others who stood out of the 50 central bank governors evaluated, a statement issued yesterday said.

An “A” rating represents an “excellent performance” in areas of “inflation control, economic growth goals, currency stability and interest rate management,” the statement added. Tetangco also got an “A” last year.

“Every year, we assess the determination of central bankers to stand up to political interference and their efforts at influencing their government on such issues as spending and economic openness to foreign investment and financial services,” Global Finance publisher Joseph Giarraputo was quoted as saying in the statement.

According to his profile at the BSP website, Tetangco is a career central banker who served various positions in BSP for the past three decades. He was first named as governor in July 2005 before being re-appointed by President Aquino last year.

As BSP governor, Tetangco is also the chairman of the Monetary Board, the central bank’s policy-making body, the Anti-Money Laundering Council and the Philippine International Convention Center. Among international organizations, the BSP chief serves as governor for the Philippines at the International Monetary Fund and alternate governor for the World Bank and Asian Development Bank.

The local banking industry welcomed Tetangco’s new recognition.

“We at the CTB (Chamber of Thrift Banks) salute Governor Tetangco for his notable performance in providing financial stability for the country and in ensuring balanced and sustained economic growth amid the current global economic and financial challenges,” CTB executive director Suzanne Felix told The STAR in a text message.

Bankers Association of the Philippines president Alberto Villarosa, meanwhile, said the award should not come as a surprise.

Aside from Tetangco, central bank governors from Australia (Glenn Stevens), Canada (Mark Carney), Israel (Stanley Fisher), Malaysia (Zeti Akhtar Aziz) and Taiwan (Fai-Nan Perng) also got “A” ratings.

United States Federal Reserve Chairman Ben Bernanke, meanwhile, improved his performance to “B” from “C.” Argentinean central bank governor Mercedes Maco del Pont posted the lowest grade of “D.”