Sound policy earns Tetangco Asia-Pacific Central Banker  of the Year Award

For keeping the country steadfast through the turbulent headwinds of 2008, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. received the 2013 Asia-Pacific Central Banker of the Year Award by The Banker.

 

“The sound monetary policy of the Bangko Sentral ng Pilipinas (BSP) and its governor, Amando Tetangco, has contributed to these improvements that have recently pushed the Philippines into the spotlight,” The Banker, a member of the Financial Times group, noted in announcing the best among the world's central bankers. It was referring to the economic gains of the Philippines. 

 

The award is given to “officials that successfully steered their countries through the economic turbulence of 2012,” the Banker said.

 

It cited Philippines' 7.1 economic growth in the third quarter of 2012, the second highest in Asia after China. 

 

Ratings upgrades in the past year have raised the Philippines to just one notch from the coveted investment grade.

 

Robust growth was in tandem with a benign full-year 2012 inflation at 3.2 percent, The Banker said. 

 

The 3.2 percent was exactly what the Bangko Sentral jotted in its forecast and was at the lower-end of government's 3 percent to 5 percent target until 2014.

 

The central bank has lowered its inflation target to 2 percent to 4 percent in 2015. Inflation targeting is one of the mandates of the Bangko Sentral.  

 

Bangko Sentral was “lauded for placing importance on the stability of the banking system, as well as consumer protection,” The Banker said. 

 

Philippine banks are already ahead and above international banking standards. The Bangko Sentral has kept the minimum capital adequacy ratio (CAR), or the ratio of a banks’ total capital to its risk, at 10 percent – above the 8 percent required by the Basel III international banking regulation.

 

The other recipients of the Central Banker of the Year Awards are:

In a statement, the Bangko Sentral noted this is Tetangco's third time to receive an award as the central bank chief in the last five months. 

 

Global Finance Magazine gave Tetangco an “A” rating as central bank chief along with five other governors last August.

 

In October, Emerging Markets of the Euromoney group named Tetangco its central bank governor of the year for Asia. — SOA/VS, GMA News