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27/09/2011: Philippine Economic Managers Win Top Honors for Finance and Central Banking

Secretary Cesar Purisima (left) ; Governor Amando Tetangco, Jr. (right)

27 September 2011, Washington, D.C. – At separate ceremonies held in Washington, D.C., Philippine Finance Secretary Cesar Purisima was named the 2011 Emerging Markets Finance Minister of the Year Award for Asia while Bangko Sentral ng Pilipinas (Central Bank) Governor Amando M. Tetangco Jr. was included in Global Finance’s latest list of the World’s Best Central Bankers.

The Finance Minister of the Year award was given last September 24 by financial news provider Emerging Markets.  Purisima was recognized for his "strong policy track record and steadfast commitment to maintaining economic stability over the past 12 months."

Taimur Ahmad, editor of Emerging Markets, cited Purisima’s decisive action in enforcing greater fiscal discipline that has allowed the Philippine economy to grow strongly last year and to insulate it from heightened market sensitivity to sovereign indebtedness. He said that Secretary Purisima “has been consistently clear in his policy intentions and has worked hard to ensure strong policy coordination.”

The other honor was awarded yesterday by the Global Finance magazine to BSP (Central Bank) Governor Amando M. Tetangco, Jr., as one of the Best Central Bank Governors in the world.

For the third time in his term, Bangko Sentral ng Pilipinas (BSP) Governor Tetangco has been given an “A” in the annual grading of central bank heads from around the world.

Tetangco — who is serving a second six-year term as BSP head — found himself in the same league as six other A-listers such as Reserve Bank of Australia Governor Glenn Stevens, Bank of Israel Governor Stanley Fischer, Bank Negara Malaysia Governor Zeti Akhtar Aziz, Taiwan’s Fai-Nan Perng and Lebanon’s Riad Salameh.

New York-based publication Global Finance has published annually the “Central Banker Report Card” feature since 1994 wherein it grades central bank governors of 36 key countries and the European Central Bank on an “A” to “F” scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management.

Global Finance publisher Joseph Giarraputo said the magazine evaluates the determination of central bankers every year to stand up to political interference, and their efforts at influencing their governments on such issues as spending and economic openness to foreign investment and financial services.

Secretary Purisima and Governor Tetangco were in Washington, D.C. to attend the Fall meetings of the World Bank and International Monetary Fund, respectively.  END