By Jerry Maglunog
A guessing game has started on who would succeed Amando Tetangco Jr. when his second and last term as Bangko Sentral ng Pilipinas (BSP) governor ends on July 3, 2017.
From the BSP, the top contenders are Diwa Guinigundo, 60 years old, deputy for the monetary stability sector (MSS), Vicente Aquino, 61, deputy for resource management sector (RMS); and Nestor Espenilla Jr., 55, deputy for the supervision and examination sector (SES).
From the banking sector, the top contender appears to be former Bank of the Philippine Islands (BPI) President and Chief Executive Officer Aurelio “Gigi” Montinola, who is now director of the bank.
The country’s next president will have a lot to choose from because there are many “very good bankers outside and inside the BSP,” Montinola said when asked who he thinks would succeed Tetangco. “It will be better if someone from the ranks will be appointed next.” The age factor is also an important aspect to consider in the choice of the next BSP governor, the 64-year-old banker added.
Possible candidates from the country’s top seven banks are: Nestor Tan, president and CEO of Banco de Oro, 59; Fabian Dee, president and CEO of Metrobank, 53; Cesar Consing, president and CEO of Bank of Philippine Islands, 55; Gilda Pico, president and CEO of LandBank of the Philippines, 69; Reynaldo Maclang, president and CEO of Philippine National Bank, 74; Lorenzo Tan, president and CEO of Rizal Commercial Banking Corp., 54; and Edwin Bautista, incoming Union Bank of the Philippines president and CEO, 53.
Under the BSP Act of 1993, anyone among its three deputy governors (DGs) is qualified to become head of the agency that regulates banks, pawnshops, remittance centers and moneychangers.
Tetangco was head of the central bank’s MMS when he was named governor, thus becoming the second BSP insider to head the BSP in 2005, after Gabriel Singson in 1993.
The MMS deals directly with the rudiments of monetary principles, such as money supply, inflation, dollar reserves and balance of payments.
The SES deals directly with banks and all cash-disbursing entities operating in the country while the RMS is in charge of making sure there is enough supply of banknotes, coins. It also supervises gold purchases and the security plant complex.
Under the new BSP charter, its governor has a six-year fixed term but allows the President of the Philippines to reappoint him for another five years.