For the fifth time in a row, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. was recognized as one of just a few central bankers in the world able to help steer their economic ships to safety against a backdrop of strong global headwinds throughout the year.
The prestigious magazine Global Finance announced in its web site on Tuesday that Tetangco was one of nine central bank governors worldwide given an “A” grade, the highest rating possible, for helping steer the $272- billion economy off worrisome economic grounds that have put some of its more economically endowed peers in trouble.
“The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 75 key countries [and the European Union] on an ‘A’ to ‘F’ scale for success in areas such as inflation control, economic growth goals, currency stability and interest-rate management,” the Global Finance said in its statement posted on its web site.
For this year, Tetangco kept his reputation intact as one of the best monetary minds in the world—along with the Czech Republic’s Miroslav Singer, European Union’s Mario Draghi, India’s Raghuram Rajan, Israel’s Karnit Flug, Malaysia’s Zeti Akhar Aziz, Paraguay’s Carlos Fernandez Valdovinos, Peru’s Julio Velarde Flores and Taiwan’s Fai-Nan Perng.
The grade A rating, Global Finance said, reflects Tetangco’s excellent performance in handling the monetary affairs of one of Southeast Asia’s fastest- growing economy.
Prior to this year, the international finance publication extended to Tetangco the same recognition in 2006, 2007, 2011, 2012, 2013 and 2014, making 2015 his seventh such recognition and his fifth in a row.
“Global economies are starting to recover. This comes despite a number of challenges, including a strengthening US dollar and the end of the Federal Reserve’s easy money policy. Central bankers remain crucial in overcoming these hurdles. Sound monetary policies can dampen the effects of currency swings and rising interest rates—and thus spur economic growth,” Global Finance Publisher and Editorial Director Joseph Giarraputo said.
Only recently, the Philippine central bank was tested by a string of volatilities as global markets tumbled due to developments triggered in part by events in China.
The local currency lost 31.5 centavos in a single day’s trade on Monday to 46.815 per dollar, its lowest in more than five years.