By FIL C. SIONIL
MANILA, Philippines --- In recognition of his skillful handling of monetary policy amidst external financial threats, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. was named the Central Bank Governor of the Year For Asia by the international financial magazine, Emerging Markets.
“The (Philippine) central bank, under Governor Amando Tetangco’s stewardship has managed monetary policy with considerable skill, not least given the twin threats of China slowdown and spill-over from the Eurozones crisis,” Emerging Markets, in a statement, said.
Tetangco received the award at the sidelines of the World Bank-International Monetary Fund annual meeting recently held in Tokyo, Japan.
The yearly Emerging Markets CB Governor and Finance Minister of the Year Awards recognize the leading policymakers in each region. The awards are chosen by Emerging Markets’ editorial team, taking into account the views of leading regional experts.
This is the second international recognition Tetangco has received for this year to date. Early this year, the Global Finance magazine named Tetangco as one of the world’s six best central bankers in 2012. For global finance, it was Tetangco’s fourth award.
Tetangco was chosen by Global Finance in recognition of his adept handling of the economy with the country taking advantage of the “receding inflation to cut its benchmark interest rate to a record low 3.75 percent in July, to stimulate growth as the global economy weakens.”
In an interview with Emerging Markets, the BSP Chief admitted that the monetary authorities “needed to sharpen our monitoring of market behavior and be creative in implementing market-based solutions to reduce, contain or eliminate asset bubbles.”
Against the backdrop of a brewing financial crisis in the Eurozone and the narrowing of growth in China, the Philippines economic performance has remained relatively strong, registering a 6.4 percent for the first quarter of the year.