The Asian Banker also names BSP as best macroeconomic regulator in Asia-Pacific
OUTGOING Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. has received the “Lifetime Leadership Achievement Award” from The Asian Banker, which cited the positive contributions of the BSP to the country’s financial services industry and the economy at large under his guidance.
At the same time, The Asian Banker named the BSP, which is recognized as a pillar of strength for the Philippine economy, the “Best Macroeconomic Regulator in Asia-Pacific.”
The Asian Banker is a Singapore-based company that provides information for the financial services industry in the form of publications, online materials such as e-newsletters, research and conventions, and other industry gatherings.
In a statement on Monday, the BSP’s Investor Relations Officer (IRO) said the awards were given during ceremonies held at the Asian Civilizations Museum in Singapore late Thursday, June 8.
The Asian Banker Chair Emmanuel Daniel described Tetangco as being instrumental in helping the Philippines transform itself from a speculative- to an investment-grade economy in his introductory note during the event.
“[Tetangco] made a huge difference… lifting his country to becoming investment grade and stepping high and tall in the league of nations,” he was quoted as saying.
Daniel also said Tetangco is “one of the most respected and highly regarded regulators to hail from Asia.”
IRO added that in its letter of invitation to Tetangco, The Asian Banker said: “Your career in Bangko Sentral ng Pilipinas, culminating in your position as governor from 2005 to the present, is a significant hallmark in the development of the financial services industry in the Philippines.”
Tetangco has “demonstrated skill in guiding the macroeconomic policy in the Philippines” so the country could “benefit from its potential as a robust and sustainable fast developing country,” it added.
In his acceptance speech, Tetangco said he was sharing the award with the men and women of the BSP who have helped provide the Philippines an environment that is conducive for sustainable strong economic growth.
Under Tetangco’s watch, the BSP has been able to keep inflation manageable and has succeeded in bolstering growth and stability of the banking sector through sound and pre-emptive monetary policy and bank regulations, respectively. Also, under his leadership, the BSP pioneered projects and programs toward financial inclusion.
“I am convinced that aiming for more inclusive economic growth is a fitting anchor to public service… and aspiring for a more inclusive financial system is a proper guidance to central banking,” Tetangco said in his acceptance speech.
“If governments, central banks included, are to be truly significant and meaningful to the people they serve, inclusivity should be at the top of their agenda,” the BSP Governor added.
Tetangco started his career in central banking in 1974. He rose from the ranks and was appointed BSP governor in 2005. He was reappointed in 2011 to hold another six-year term, becoming the first BSP Governor to serve for two consecutive terms.
He will be stepping down in early July, and will be replaced by Nestor Espenilla Jr., who is currently deputy governor of the BSP in charge of bank examination and supervision.
The award from the Asian Banker was one of the many awards and recognitions that Tetangco has received while at the helm of the BSP, according to the IRO.
He has been recognized by New York-based Global Finance magazine as one of the best central bankers in the world, giving him a grade of “A” for eight years.
Tetangco also received an “Outstanding Achievement Award” from FinanceAsia for 2016, and was named “Management Man of the Year” for 2015 by the Management Association of the Philippines (MAP).