Japan honors former BSP chief

MANILA,Philippines — The Government of Japan announced on Nov. 3, the conferment of The Order of the Rising Sun, Gold and Silver Star, on Amando Maglalang Tetangco Jr., former governor of the Bangko Sentral ng Pilipinas, in recognition of his contribution to strengthening the relations between Japan and the Philippines in the financial sector.

As the central bank governor, Tetangco took the lead in drafting a law amendment to allow more foreign banks to operate in the Philippines and strongly persuaded the congress on the need for the liberalization of entry of foreign banks. As a result, the law was enacted in 2014, allowing further participation of Japanese banks, and thereby improving the environment for Japanese companies to operate and expand their businesses in the Philippines.