Dominguez supports 3rd term for Tetangco

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FINANCE Secretary Carlos Dominguez 3rd supports the view that the term of Amando Tetangco Jr. as governor of the Bangko Sentral ng Pilipinas (BSP) should be extended for another six years.

Dominguez said he hoped Tetangco would accept a third term if allowed by law.

“I hope so. I mean the guy’s really good. He is recognized abroad as one of the top central bankers for many years,” Dominguez told reporters in an interview late last week.

Tetangco, who is set to retire in July 2017, has already spent 12 years as BSP governor. He was first appointed in 2005 by President Gloria Macapagal-Arroyo and reappointed in 2011 by President Benigno Aquino III.
Under the law, a central bank governor is allowed only one reappointment.


Tetangco was named one of the world’s best central bankers in the past six years, earning a prestigious “A” grade on Global Finance’s Central Banker Report Card.

“What I told the President [Rodrigo Duterte] is that this is the most important job appointment you will ever make. First of all, he has the same term as you… And this guy can help you very much, especially in inflation control. This guy knows how to do it. So if the guy knows how to do it, why would you want to change that?” Dominguez asked.

In an earlier interview, Tetangco neither confirmed nor denied reports that President Duterte has offered him another term as central bank head or whether he is ready to accept such an offer, but said he was honored to be considered for a term extension.

“Well, it is really an honor to get that offer for the third term and I share this honor with the officers and staff of the BSP,” he said.

He noted that the BSP over the years has been able to develop itself into a world class monetary authority that is able to deliver its mandate of maintaining price and financial stability and at the same time, allowing banks to support economic growth.

“I think this is going to continue. So whoever is appointed as next governor will have the support of a committed, competent staff of the BSP, and I can say that for all our people in the BSP,” he said.

Asked if he would accept the offer if changes were made to the BSP Charter that would allow a third or possibly fourth term for a central bank governor, he said, “Let us cross the bridge when we get there.”

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