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23/09/2011: BSP Governor Tetangco Highlights Philippine Economic Resiliency

BSP Governor Amando Tetangco, standing, delivers his presentation on the Philippine political economy at the School of Advanced International Studies of Johns Hopkins University.

23 September 2011, Washington DC. Bangko Sentral ng Pilipinas (Central Bank of the Philippines) Governor Amando M. Tetangco, Jr. led a roundtable reception yesterday at the Nitze School of Advanced International Studies of Johns Hopkins University in Washington, D.C.  In attendance was Philippine Ambassador to the United States Jose L. Cuisia, Jr., who as former Central Bank Governor was instrumental in the passage into law of the New Central Bank Act of 1993 that gave the institution fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities.

Governor Tetangco presented an Asian perspective of the lessons and challenges from the 1997 financial crisis.  He spoke about the 4 P’s needed to address such crisis: preparedness, purposefulness of reform orientation, patience and participation.  He remarked that “reforms take time” and that countries cannot afford to go it alone as “we are in this together.”

He cited the strides made in the Philippine economy, including higher gross international reserves, improved external debt to gross domestic product ratio, lower rates of inflation, and better capitalization for its financial institutions.  He said “emerging markets in Asia, including the Philippines, have come out being more resilient as a result of the crisis.”

Governor Tetangco assumed office as governor of the BSP in July 2005.  He is a career central banker, occupying different positions in the organization is a span of more than three decades.  President Benigno S. Aquino III recently reappointed Governor Tetangco for an unprecedented second six-year term that will end on July 2, 2017.  END