MBC joins call to extend Tetangco’s term

MANILA, Philippines – The Makati Business Club (MBC) has joined the call for the extension of the term of Amando Tetangco Jr. as governor of the Bangko Sentral ng Pilipinas (BSP).

In a statement, the MBC said it recognizes Tetangco’s outstanding work for a little over a decade in the central bank.

The business group said the BSP has been effectively executing and fulfilling its mandate of keeping inflation manageable, conducting sound monetary policy, and supervising financial institutions under Tetangco’s leadership.

“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,” the MBC said.

Tetangco has served as BSP Governor since 2005.

The MBC said the BSP has consistently ranked first in the business group’s annual Executive Outlook Survey which is conducted to determine members’ perception on the performance of Philippine government agencies.

Likewise, the group said the net satisfaction score of the institution has been remarkably high since Tetangco took office in 2005.

“With this, we fully support the President’s wish to appoint Mr. 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,” the MBC said.

“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,” it added.