As Congress could be unable to amend the Bangko Sentral ng Pilipinas’ constitution earlier than July, Governor Amando M. Tetangco Jr. will unlikely be granted an unprecedented third term, Senate President Aquilino Pimentel III mentioned.
“I counted—we only have 47 session days [before July]. I don’t know if we can amend the BSP charter to repeal the two-term limit. I doubt it [a third term for Tetangco],” Pimentel instructed the Inquirer on the sidelines of the central financial institution’s annual reception for the banking neighborhood Tuesday evening.
While quite a few payments had been launched within the decrease home to permit a 3rd term for the multiawarded BSP governor taking charge of the nation’s financial coverage, none progressed forward of Congress’ Christmas break.
Under the BSP constitution, a governor can serve solely two six-year phrases. Tetangco was first appointed in 2005 by then President Arroyo and was reappointed by former President Aquino in 2011. Tetangco’s second term will finish this July.
Finance Secretary Carlos G. Dominguez III earlier mentioned he was convincing President Duterte to retain Tetangco in his post and be reappointed for one other six-tear term, which could possibly be finished solely by amending the BSP constitution.
Numerous names have cropped up as subsequent in line to be BSP governor, together with Deputy Governors Diwa C. Guinigundo and Nestor A. Espenilla Jr.
A rating official near President Duterte instructed the Inquirer that the President had instructed him that if he have been to decide on between Guinigundo and Espenilla, he would choose Guinigundo “because he’s an economist.”
Guinigundo heads the BSP’s financial stability sector whereas Espenilla is on prime of the central financial institution’s supervision and examination sector.
The different personalities who’re reported to be being thought of for the highest BSP place included former Trade and Industry chief and Monetary Board member Peter V. Favila; East West Banking Corp. president Antonio C. Moncupa Jr., who additionally heads the ruling celebration’s PDP-Laban Research Planning and Development Institute and Foreign Affairs Secretary Perfecto R. Yasay Jr.
Guinigundo, Espenilla, Favila and Moncupa have been all current at Tuesday evening’s reception for bankers and have been photographed subsequent to one another.
In his speech earlier than banking stakeholders, Tetangco expressed gratitude in what was his final bankers’ evening as BSP governor.
“Indeed, time flies. I end my second term as governor of the Bangko Sentral ng Pilipinas 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 through the worst of times, the best of times and all the time in between,” Tetangco mentioned.
“Together, we have nurtured a vibrant and dynamic banking sector that is sound, stable and globally competitive. Indeed, it is a banking industry we can all be proud of,” Tetangco added.
For Tetangco, the previous 11 and a half years of being BSP governor allowed him to see a “significant transformation in the banking sector.”
“I have had the privilege of managing, with you as partners, the content and the pace of change for the banking industry, seeing it evolve to where it is today, and moving it forward to help secure a better future for our economy, for our people,” Tetangco instructed the movers and shakers of the banking business.