• Tetangco declines reappointment

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    Prompts search for next BSP governor

    Governor Amando Tetangco Jr. “begged off” to be let go and retire at the end of his second term in July, prompting the Department of Finance to start searching a replacement.

    “I already started the search. I said as far as I am concerned I thought Governor Tetangco’s term should be extended. But he has begged off saying that he has health issues, and quit,” Finance Secretary Carlos Dominguez 3rd told reporters during the Economic Journalists Association of the Philippines’s induction of officers for 2017 late Monday.

    “Frankly, after 43 years even I would get tired of doing the same job for 43 years,” Dominguez noted.

    Tetangco is set to retire in July. First appointed in 2005 by President Gloria Macapagal-Arroyo and reappointed in 2011 by President Benigno Aquino III, he has spent 12 years as BSP governor. The law mandates a single reappointment for the central bank governor.

    As far as President Rodrigo Duterte is concerned, the administration has not yet seriously discussed Tetangco’s replacement, Dominguez noted.

    “I can honestly say we have not discussed anything about it seriously with President Duterte,” he said.

    There must be a process to arrive at a wise decision, because the Duterte administration is not just replacing one person but actually four positions in the central bank, Dominguez noted.

    The terms of office of three Monetary Board members are also expiring at same time.

    “This is basically practically the majority of the Board so I think that it should go through a real good process. And to start the process, we have to understand first of all what exactly does the central bank do,” Dominguez said.

    “We should have an appreciation of that. What is the job of the central bank? Then we have to find out what qualifications are needed to do the job,” he added.

    Dominguez pointed out that the administration would have to choose among the candidates who is most qualified for the particular positions that are open, a decision that has to go through not just one, two or three meetings.

    “I think it really has to be seriously considered and I believe the President has to meet with and finally evaluate the qualifications of each and every potential candidate for each of those four positions open,” he said, adding that choosing the next BSP governor is “like the Game of Thrones.”

    “We want a serious process that is fair to the Filipino people, and is fair to the candidates, that each one gets a proper hearing, that each one get a real appreciation. The President gets an appreciation for what the job is, what the qualifications for each of the position, and he gets the chance to interview many people,” he added.
    Asked when President would announce the next BSP chief, Dominguez said it will certainly happen before July 2 or after Tetangco steps down.

    “The central bank is a very important institution in this country, we owe it an orderly transition, we owe the Filipino people an orderly transition in this very important institution,” he said.

    Earlier, BSP Deputy Governors Diwa Guinigundo and Nestor Espenilla Jr. said they will accept the job if offered. Other reported candidates for BSP chief were East West Bank President and CEO Antonio Moncupa Jr. and Foreign Affairs Secretary Perfecto Yasay Jr.

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