Tetangco wants a BSP insider to succeed him

Outgoing Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco on Tuesday made it clear he preferred to have someone from inside the central bank to succeed him.

"If you want a seamless transition in the BSP, the next Governor should be one with central banking experience – so, an insider," he said at the Chamber of Thrift Banks National Conference in Makati City.

Tetangco, who is retiring on July 2, previously said he wanted someone from the BSP, preferably either Deputy Governor Nestor A. Espenilla Jr. or Deputy Governor Diwa C. Guinigundo.

"If you look at those competencies and underlying factors, there would be familiarity with the mandate and how to deliver on the mandate, as well as the culture of the BSP," he said.

"Who can bring these two together? Only someone who has central banking experience, only one who's an insider," he added.

In February, Finance Secretary Carlos G. Dominguez III confirmed that Tetangco has declined to serve a third term, even as President Rodrigo R. Duterte hinted at amending laws to accommodate him for another six years.

Asked what qualities the next central bank governor should possess, Tetangco highlighted knowledge of central banking operations and the banking industry, ability to work with and within the organization, and patience.
"I think one major requirement is that you have to have a good understanding of what you're supposed to do," he said.

"As head of BSP, you'll have to be familiar with the primary objectives which would be maintenance of prices and financial stability," he added.

"There will be many challenges. And, sometimes, the results that you're looking for cannot be achieved quickly but you have to keep on trying," Tetangco said.

"You have to know how to work with the organization," he added.

The central bank is prepared for new leadership. "I believe that the BSP is ready for leadership change because we have a solid institution," he said.

"We have highly trained people who very closely identify themselves with the BSP brand to be able to deliver on the mandate of the BSP," he added. — VDS, GMA News