Philippine head banker Asia’s best

Governor of the Central Bank of the Philippines Amando M. Tetangco, Jr

Amando M. Tetangco, Jr, the Governor of the Central Bank of the Philippines, has been named “Central Banker of the Year for Asia-Pacific” by The Banker, a monthly publication owned by The Financial Times, who attributed the country’s sound monetary policy as guiding outstanding growth.

Under the leadership of Tetangco, the Philippines’ economy expanded over 7 per cent in the third quarter of 2012, registering an overall GDP growth of 6.5 per cent year-to-date.

“The Philippine economy has performed strongly in the past year, and its growth in the third quarter of 2012 was the second fastest in Asia after China,” said The Banker.

Reassuring economic fundamentals in the country led the central bank to loan the ailing eurozone $1 billion in late 2012.

The publication also cited the credit-rating upgrades that the country has received over the past two years, which include an upgrade appraisal issued by Moody’s to investment-worthy status.

“Ratings upgrades in the past year have put the Philippines just one notch away from investment grade – the level of Indonesia – which the country now has its sights on,” The Banker noted.

The Banker also named Republic of Turkey Governor Erdem Basci as Global Central Bank Governor of the Year for Europe; Bank of Canada Governor Mark Carney for the Americas; Banco Nacional de Angola Governor José Massano for Africa; and Saudi Arabian Monetary Agency Governor Fahad Al-Mubarak for the Middle East.

The recognition from The Banker is the third received by Tetangco in the last five months.

Emerging Markets, part of the Euromoney Group, also named Tetangco as central banker of 2012 for his “[management of] monetary policy with considerable skill, not least given the twin threats of China slowdown and spill-over from the eurozone crisis.”