Cebu business, banking sectors laud Tetangco’s reappointment - Cebu Circle | Cebu City, Philippines

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Thursday, February 3, 2011

Cebu business, banking sectors laud Tetangco’s reappointment

02/03/2011 -CEBU CITY, Cebu — The Cebu Bankers Club (CBC) lauded President Beningo S. Aquino III decision to retain Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. as BSP head and Chairman of the Monetary Board, saying this move will usher in more confidence in the country's financial sector.

“We are happy that among government appointees in the previous administration, P-Noy has retained the leadership of Governor Tetangco. We believe he has maintained credibility in keeping the stability of our financial market,” said CBC President Claro B. Cabaero.

Former CBC President Prudencio Gesta supported Cabaero’s view, saying Tetangco's re-appointment “will help strengthen the confidence of investors in the country's financial system.”

According to Gesta, through the global financial crisis that strongly affected major economies of the United States and Europe, the Philippines' economy remained stable.

“The global recession may have shaken the economic foundations of leading countries but ours was one of the strongest in the world,” Gesta said.

Cabaero noted that one of Tetangco's remarkable achievements was in bringing up the country's Gross International Reserve from US$10 billion to US$63 billion.

Likewise, the Cebu Chamber of Commerce and Industry (CCCI) also passed a resolution addressed to President Aquino in support of Tetangco's re-appointment.

In earlier reports, foreign banks in the country have also welcomed the reappointment of Tetangco to another six-year term saying it such a move ensures economic stability in the Philippines.

Citibank economist Jun Trinidad was quoted saying that “Tetangco’s track record over the past six years, was highlighted by his excellent stewardship of the BSP and monetary policy, as well as favorable economic management during the global crisis years, capped by a country rating upgrade.”(Manila Bulletin)

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