Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said Tuesday he prefers a person with significant central banking experience as his successor.
Tetangco, speaking during the Chamber of Thrift Banks annual convention in Makati City, cited a number of major requirements that the next central bank governor should possess.
“If you want a seamless transition in the BSP, the next governor should be the one with central banking experience, an insider,” Tetangco said.
“For all of the things I mentioned… If you look at those competencies, an underlying factor there would be familiarity with the mandate and how to deliver on it, as well as the culture of the organization,” he said.
He said it was imperative for the next Bangko Sentral governor to be familiar with its primary objectives, which would be maintenance of price and financial stability conducive to a balanced and sustainable growth of the economy.
“One should also know how to try and achieve that given the challenges in the operating environment.
This would require experience. Being knowledgeable in economics, monetary theory, as well as banking regulations… That’s one major requirement: a clear appreciation of the mandate and how to deliver on the mandate,” Tetangco said.
He said the second requirement should be patience because the position would be faced with many challenges. “Sometimes, the results that you are looking for cannot be achieved quickly but you have to keep on trying. If you really believe that these are the reforms that are needed, then you have to pursue it and persevere,” he said.
He said the third requirement should be that the next governor must know how to work with the organization. He said Bangko Sentral was a solid institution with committed employees, highly-trained people who had very closely identified themselves with the BSP brand.
He also advised that the next governor should continue instituting reforms, such as certain components of the Basel 3 reform agenda, because there remained components that still needed to be implemented.
