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Buenaventura to pass BSP baton to Tetangco |
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The Daily Tribune
Tuesday, February 15, 2005 A career central banker known for his wide financial expertise will succeed Rafael Buenaventura when he retires as Bangko Sentral ng Pilipinas (BSP) governor in July. Amando Tetangco, one of three deputy governors, will take over from Buenaventura, who was widely regarded in markets as a steady hand during a period of protracted currency weakness. “The new governor has a very, very good reputation,” said Nicholas Bibby, strategist at Barclays Capital in Singapore. “He is very knowledgeable on all of the issues of the Central Bank.” Economists expect a smooth transition as Tetangco has helped craft the inflation-targetting framework used in current policy. Finance Secretary Cesar Purisima told reporters President Arroyo first announced Tetangco's appointment in a briefing with Japanese business leaders. Tetangco, 52, who has a masters degree in Public Policy, now oversees the Central Bank's treasury, research and banking services. From 1992 to 1994, he was alternate executive director of the International Monetary Fund. Buenaventura told reporters Arroyo's choice of Tetangco signalled there would be no radical changes in policy. “It represents continuity of our reforms,” Buenaventura said. “He has been involved in helping steer the economy during various crisis periods.” Tetangco was the only current central banker on a short list of mostly commercial bankers, said Cora Guidote, presidential consultant for the government's Investor Relations Office. Buenaventura, 66, was due to retire in July after directing policy through turbulent times since 1999. The government has had six finance secretaries since he became governor. In 2003, Buenaventura was named one of the top four central bankers in the world by New York-based Global Finance magazine. Despite a surge in inflation in recent months, largely due to high import prices for oil, the central bank has held its key rates steady to support economic growth. It has kept policy accommodative, even though the US Federal Reserve has been raising rates, because inflation pressures have been coming from the supply side and loan demand remains slow. Inflation slowed to 8.4 percent in the year through January from 8.6 percent in the 12 months through December. The central bank said last Thursday it expected inflation to ease this year, settling at 5 percent in the fourth quarter. Reuters |
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