Escudero favors 'career person' to take the central bank helm

Senator Francis Escudero on Thursday said he is in favor of appointing a "career person" to succeed Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr.

By early July 2017, Tetangco is retiring after serving two terms as central bank governor.

Escudero is the chairman of the Senate Committee on banks, financial institutions, and currencies.

During the “Kapihan sa Klub Inc.” forum at Club Filipino in Greenhhills, San Juan City, Escudero said Tetangco's replacement must be someone who knows the central bank system, an insider, someone who would be coming in not for on-the-job training (OJT).

“I will always choose someone from the inside, 'yung hindi na mag-o-O-J-T sa trabaho. But when it comes to other positions in the Monetary Board, hindi tama na majority isa lang ang mag-a-appoint,” he said.

Still, Escudero said appointing a successor to Tetangco is at the discretion of President Rodrigo Duterte.

“I think it should be a career person. But it's totally up to the President under the law. I'm not diminishing the capacity of those outside of the Monetary Board of the Bangko Sentral. Right now, it's just that for continuity's sake, I prefer someone from the inside."

Despite praising Tetangco, Escudero noted no one in government is indispensable.

“Para sa akin, maganda ang trabaho na ginawa ni Tetangco. Pero, maging ganoon pa man, all things must come to an end. He cannot stay there for life. Somebody has to replace him, and we cannot look at him as someone who's indispensable,” the senator said.

In February, Tetangco declined innuendoes about a third term after working at the BSP for 12 years. He is retiring on July 2.

He was first appointed by former President Gloria Macapagal-Arroyo in 2005, and reappointed by former President Benigno Aquino III in 2011.

Duterte was reported to have told Finance Secretary Carlos Dominguez III that he would ask the Congress to amend existing laws in order to accommodate Tetangco for another six years.

Tetangco also made his position clear that he would prefer his successor to be a from central bank insider. — VDS, GMA News