Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. confirmed on Thursday night that he has accepted another six-year term as central bank governor.

He is the first central bank governor in the country to hold two terms in a row. His first term started in 2005 and will end in July this year.

In a text message to reporters, Tetangco said he is honored for the confidence that President Benigno Aquino III has given him.

“We commit ourselves in the institution to continue working tirelessly to remain true to our mandate of maintaining price stability and a sound banking system supportive of balance and sustainable growth,” he said.

The country is now enjoying low inflation environment amid unfavorable external developments and Tetangco said “the BSP will remain vigilant and promptly address factors that can have an adverse effect on the economy.”

News reports came out last week saying the President has asked Tetangco to accept another term but the latter kept mum about it.

Under Tetangco’s term, the domestic financial system remained strong amid the recent global economic and financial crisis, which earned for the country credit rating upgrades from the world’s credit rating agencies, namely, Fitch, Standard & Poor’s and Moody’s.

He was also given an A rating in 2007 by international magazine Global finance for being among the world’s best central bank governor.

A career central banker, Tetangco has occupied different positions in BSP in the last three decades, including Deputy Governor for the Banking Services Sector, Economic Research and Treasury.