Metro Manila (CNN Philippines) — Bangko Sentral ng Pilipinas Governor Amando Tetangco gave a clearer sign on Tuesday night that he’s stepping down as central bank governor.
“Indeed time flies. I end my second term as governor of the BSP on July 2, 2017. I take this opportunity, therefore, to thank the leaders of our banking industry and the BSP’s partner institutions for working with us during the best of times, the worst of times, and all the times in between,” he said during his annual address to the banking community.
President Rodrigo Duterte previously said he was considering giving Tetangco an unprecedented third term as central bank governor – but that move would require Congress to amend the BSP’s charter.
Tetangco has headed the BSP for nearly 12 years. He has been widely recognized by national and international bodies for being one of the world’s best central bankers.
Who gets to lead the BSP next is already a hot topic in the business community. CNN Philippines asked banking leaders what made Tetangco’s term so successful – and moving forward, what they hope to see in the new governor.
“For me the biggest benefit was he brought a lot of stability to the banking system, strengthened it… without sacrificing the ability to innovate,” said Union Bank CEO Justo Ortiz.
Philippine National Bank Director Leonilo Coronel said he hopes the successor picks up where Tetangco left off. “I’m more of continuity, stability of policies, these are the premium qualities the market would like to have. So it’s my desire that we don’t deviate from that.”
For former Monetary Board member Florian Alburo, the next BSP governor could be more “aggressive” in pushing “outward-looking” policies in today’s age of globalized finance.
BSP Deputy Governors Nestor Espenilla and Diwa Guinigundo are reportedly in the running to be the next top central banker. However, the President can also appoint somebody from the private sector.
Tetangco is the first the governor in the central bank’s history to serve two terms. He was appointed in 2005 by then-President Gloria Arroyo and was reappointed by former President Benigno Aquino III in June 2011.
According to his profile on the BSP’s website, Tetangco is a career central banker who served different positions in the central bank since 1974. Before his appointment as the BSP chief, he was the Deputy Governor in charge of the Banking Services Sector, Economic Research and Treasury.
CNN Philippines Correspondent Claire Jiao contributed to this report.
