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Tuesday, February 15, 2005
Arroyo names new Bangko Sentral head
MANILA -- President Gloria Macapagal-Arroyo announced Monday that Amando Tetangco Jr. will replace Bangko Sentral Governor Rafael Buenaventura, whose six-year term will end in July.
Arroyo made the announcement during the economic briefing with the Japanese Kankeiren in Malacañang Monday morning.
Press secretary and presidential spokesman Ignacio Bunye said there is still no report of a new position for Buenaventura after his retirement "but I am sure there's always an active life after the BSP (Bangko Sentral ng Pilipinas) governorship."
Tetangco, who hails from Arroyo's home province of Pampanga, is currently deputy governor of the BSP in-charge of the banking services sector, economic research, and treasury.
He also sits in the boards of government agencies and corporations such as the National Economic and Development Authority (Neda), National Food Authority (NFA) council, and the Industrial Guarantee and Loan Fun review committee, as the BSP representative.
The other contenders to the post of BSP governor were former finance secretary Edgardo Espiritu, Securities and Exchange Commission (SEC) chairman Fe Barin, and bankers Xavier Loinaz (former president, Bank of the Philippine Islands) and Octavio Victor Espiritu (former president and chief executive officer, Far East Bank and Trust Co.).
Before joining the BSP in 1974, Tetangco was with the Management Services Division of the Sycip, Gorres and Velayo (SGV) & Co. for about a year. He also served as alternate executive director of the International Monetary Fund in Washington DC in 1992-94.
He obtained his AB Economics degree at the Ateneo de Manila University (cum laude) where he also took graduate courses in business administration. He obtained his master's degree in Public Policy and Administration (concentration in Development Economics) from the University of Wisconsin as a Central Bank scholar.
Meanwhile, the new members of Arroyo's economic team, Cesar Purisima and Juan Santos, took their oath Monday as finance and trade secretaries, respectively.
Trade Undersecretary Adrian Cristobal Jr. also took his oath as new head of the Intellectual Property Office (IPO) and Lilia de Lima as director general of the Philippine Economic Zone Authority (Peza).
Bunye said the new economic team is "a strong team" that will "prove themselves worthy of the trust and confidence of the President in pushing through her 10-point agenda, including the strengthening of our economy."
Arroyo said the new economic officials will be "the crucial players in steering our nation on the road to stability and prosperity."
"Their competence is proven, they will provide the continuity we need to shore up confidence, investments and growth," she said.
She described as "an act of patriotism" the officials' agreement to share their talent and experience with government.
She said she will work with her new set of officials and with Congress on matters that are important for the common welfare. She called for a strong teamwork among the executive, Congress, judiciary, private sector and the media.
Arroyo said the gains of high economic growth, stronger peso and stock market, and dramatic increase in foreign direct investments "did not happen overnight, our dreams will not see fulfillment the morning after." (RB)
(February 15, 2005 issue)
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