Outgoing Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr., who is set to end his second six-year term on July 2, received the ‘Lifetime Leadership Achievement Award’ from The Asian Banker.
The Singapore-based financial publication cited the remarkable contributions of Bangko Sentral to the country’s financial services industry and the economy under Tetangco’s leadership.
The Asian Banker also cited BSP as a pillar of strength for the Philippine economy and the ‘Best Macroeconomic Regulator in Asia-Pacific.’
The awards were given during ceremonies held at the Asian Civilizations Museum in Singapore on June 8.
Emmanuel Daniel, chairman of The Asian Banker, described Tetangco as being instrumental in helping the Philippines transform from a speculative- to an investment-grade economy.
“[Tetangco] made a huge difference… lifting his country to becoming investment grade and stepping high and tall in the league of nations,” Daniel said.
He described Tetangco as “one of the most respected and highly regarded regulators to hail from Asia.”
“[Y]our career in Bangko Sentral ng Pilipinas, culminating in your position as governor from 2005 to present, is a significant hallmark in the development of the financial services industry in the Philippines,” the magazine said in its letter of invitation to Tetangco.
It also said that Tetangco “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.”
Tetangco said in his acceptance speec that he shared the award with the men and women of the BSP, which helped provide the Philippines an environment that was conducive for sustainable strong economic growth.
Under Tetangco’s watch, the BSP has been able to keep inflation manageable and succeeded in bolstering growth and stability of the banking sector through sound and pre-emptive monetary policy and bank regulations, respectively.
Bangko Sentral also 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.
“[I]f 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,” he said.
Tetangco started his career in central banking in 1974. He rose from the ranks until being appointed Governor in 2005. He was reappointed for another six-year term in 2011, becoming the first BSP governor to serve for two terms.
He will be replaced by Nestor Espenilla Jr., who is currently deputy governor of the BSP in charge of bank examination and supervision.
Tetangco joined a short list of central bankers and regulators who were also awarded the Lifetime Leadership Achievement Award by The Asian Banker. The others were Liu Mingkang, ex-chairman, China Banking Regulatory Commission (2012); Dr. Zhou Xiaochuan of the People’s Bank of China (2008); and Dr. Ishrat Husain, former Governor, State Bank of Pakistan (2005).
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.
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.