The Makati Business Club on Tuesday threw its support for a proposal to reappoint of Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. for a third term.
“With this, we fully support the president’s wish to appoint Tetangco for a third term and we join him in urging our lawmakers of the 17th Congress to amend Section 6 of the New Central Bank Act of 1993 which limits the term of the BSP Governor to one reappointment. We are confident that under Mr. Tetangco’s watch, the BSP will continue to serve its mandate towards the continued well being of our country’s economy,” MBC said in a statement.
Under Tetangco’s leadership, the BSP has been effectively executing and fulfilling its mandate of keeping inflation manageable, conducting sound monetary policy and supervising financial institutions under its jurisdiction.
“This has significantly cushioned the country from external shocks and has largely insulated us from the adverse effects of recent global and regional financial crises,” MBC said.
The BSP has consistently ranked first in the MBC Executive Outlook Survey, an annual survey conducted to determine members’ perception on the performance of Philippine government agencies, and the net satisfaction score of the institution has been remarkably high since Tetangco took office in 2005.