PH economy remains on track for expansion, says Tetangco

Published By Lee C. Chipongian
 

The Philippines looked set to becoming an upper middle-income economy by the end of the Duterte administration, according to former central bank governor Amando M. Tetangco Jr.

Amando M. Tetangco Jr.

MB File- Amando M. Tetangco Jr.

“With a reform-oriented government and a collaborative private sector, achieving the Philippines’ goal of becoming an upper middle-income economy by 2022 is indeed highly feasible,” said Tetangco in a speech before members of the Joint Foreign Chambers of Commerce (JFC). The group awarded him the Arangkada Philippines Lifetime Achievement during a forum last week.

Tetangco, who stepped down as a two-term governor of the Bangko Sentral ng Pilipinas (BSP) last July, continues to see the country’s “strong macroeconomic fundamentals, sound economic management, solid domestic demand and a young and vibrant workforce.”

“The Philippines is touted to become Asia’s next economic powerhouse,” said Tetangco, citing the World Bank’s June 2017 Global Economic Prospects projects that the Philippines “will be in the top 10 fastest growing economies in the world with a GDP growth forecast of 6.8 percent.”

Arangkada Philippines Forum has its own “Implementing the 10-point Agenda” proposals and Tetangco thanked the group for its “valuable partnership and inputs (and) its constructive criticisms.”

Tetangco said it is important to this agenda to enhance the competitiveness of the business environment, to fast-track economic growth and for inclusive growth. Tetangco pointed out that this was achievable and listed the factors that would continue to support growth such the country’s “low and stable” inflation, the well-capitalized and liquid banking system that he said “continues to intermediate funds to the productive sectors of the economy” and “poverty incidence that continues to decline over the years.”

“The BSP has helped cultivate this positive alignment of macroeconomic indicators through calibrated monetary policy, aided by enhanced surveillance and an expanded tool kit; responsive banking regulations, aligned with international standards but recognizing relevant domestic conditions; and market determined external policy, including the liberalization of foreign exchange regulations,” he said. The JFC Arangkada Lifetime Achievement Award is for individuals – not strictly Filipinos – who have “contributed significantly to improving the country’s business environment.”

“Mr. Tetangco was chosen by the JFC for
accomplishments as BSP governor that were very
important to the foreign investment community,” a statement from the group said. Past awardees include former President Fidel V. Ramos, former PEZA director general Lilia de Lima, SGV founder Washington Sycip, and former foreign affairs secretary Roberto Romulo.

Source: http://business.mb.com.ph/2017/09/23/ph-economy-remains-on-track-for-expansion-says-tetangco/

Tetangco receives lifetime achievement award from JFC

By Richmond Mercurio (The Philippine Star) 

Joint Foreign Chambers of the Philippines presidents with past and present Arangkada Lifetime Achievement Awardees during the recently concluded sixth anniversary of Arangkada Philippines Forum at the Marriott Grand Ballroom. In photo, from left, are Ho-Ik Lee (KCCI), Bruce Winton (AmCham), Julian Payne (CanCham), 2014 Arangkada Lifetime Achievement Awardee former PEZA director general Lilia de Lima, PAMURI chairman Shameem Quraeshi, Tom Grealy (ANZCham), 2017 Arangkada Lifetime Achievement Awardee former BSP governor Amando Tetangco Jr., Hiroshi Shiraishi (JCCIPI), 2015 Arangkada Lifetime Achievement Awardee SGV founder Washington Sycip, AmCham executive director Ebb Hinchliffe, Evelyn Ng (PAMURI), Arangkada chief-of-party John Forbes, and JCCPI vice-president Nobuo Fujii.

MANILA, Philippines — Former Bangko Sentral ng Pilipinas (BSP) governor Amando Tetangco Jr. has been awarded the Arangkada Philippines Lifetime Achievement award by the Joint Foreign Chambers (JFC) of the Philippines.

The Arangkada Lifetime Achievement Award recognizes individuals of any nationality that have lived and worked in the Philippines for 25 years and have contributed significantly to improving the country’s business environment.

JFC said Tetangco was chosen as this year’s recipient given his accomplishments as central bank governor which played an important role to the foreign investment community.

Among these accomplishments include managing inflation, the exchange rate, and the debt burden highly effectively, achieving record levels of reserves exceeding $80 billion, making reforms to increase the foreign banking presence in the Philippines, raising confidence of rating agencies to give investment grade ratings, and emphasizing financial inclusion and financial education for young people, among others.

“Being BSP governor is a role that had many challenges but one that I will always cherish. I feel very honored and also humbled to have been given the opportunity to serve in that capacity,” Tetangco said.

“Now that my term at the BSP has ended, I look forward to the work exemplified by private sector organizations like the JFC that proves public service is not a monopoly of the government.

The private sector has a tremendous role to play in improving people’s lives. I will constantly bear this lesson in mind as I move on to this new chapter of my life as a private citizen,” he added.

Source: http://www.philstar.com:8080/business/2017/09/22/1741357/tetangco-receives-lifetime-achievement-award-jfc