Laurence Neville said that the origins of a country's growth are political and social forces- and possibly luck in having the right leaders. The Philippines is being lucky to have Amando M. Tetangco, Jr. at the helm as Governor of the Bangko Sentral ng Pilipinas since July 2005.
He was cited in 2011 as having the highest grade of A in the Global Finance Annual Central Banker Report Cards. No head of Central Banks from The Americas and Europe received a Grade of A. The recognition validates his expertise on controlling inflation, achieving economic growth goals, stabilizing the Peso, manage interest rates and standing up to political interferences.
Under his term the Philippines as an emerging market was recognized as possessing the characteristics necessary to join the elevated heights of of the BRICs ( Brazil, Russia, India and China). Two leading financial institutions have devised new groupings of countries , Goldman Sachs invented the Next Eleven (N11) Citi coined 3G or the Global Growth Generators both include the Philippines (Global Finance, December 2011).
The GDP of the Philippines grew 7.7% to P2.42 trillion and the inflation from January-March 2012 was a low 3.1% (Business World (June 2, 2012).
Mr. Tetangco said yesterday that "BSP is ready to make adjustments as needed to ensure a non-inflationary growth environment.mindful of the external rsiks, particularly the weakness in the Euro zone, tentative growth in the US and slowdown in China".
The noise of politics are always in the headlines but the good news as recognizing Mr. Tentagco for his outstanding work of stabilizing our financial system and for making difficult and controversial decisions under trying circumstances we rarely heard in the evening news.
Am I who belong to the only few who noticed his miracle work?
Arnel L. Cadeliña
Director-Research and Development
Sacred Heart College-Lucena City
email: lenra1967@yahoo.com
blog: nelcadelina.blogspot.com
