Profile of the Governor

Amando M. Tetangco, Jr. assumed office as Governor of the Bangko Sentral ng Pilipinas in July 2005. He is a career
central banker, occupying different positions in the organization in a span of over three decades. Immediately prior to his
appointment as BSP Governor, he was Deputy Governor in-charge of the Banking Services Sector, Economic Research and
Treasury.
As BSP Governor, he is also the Chairman of the Monetary Board, Anti-Money Laundering Council (AMLC) and Philippine
International Convention Center (PICC); Vice-Chairman of the Agriculture Credit Policy Council (ACPC); Member of the
Capital Market Development Council (CMDC), Export Development Council (EDC), PhilExport Board of Trustees
(PHILEXPORT), Philippine Export-Import Credit Agency (PHILEXIM); and Director of Philippine Deposit Insurance
Corporation (PDIC), National Development Council (NDC) and National Home Mortgage Finance Corporation (NHMFC).
He also represents the country in various international and regional organizations, including the Executive Meeting of East
Asia and Pacific (EMEAP) Central Banks; ASEAN and ASEAN+3; South East Asia Central Banks (SEACEN); South East Asia,
New Zealand and Australia (SEANZA); Center for Latin American Monetary Studies (CEMLA); and Asia-Pacific Economic
Cooperation (APEC). He is the Governor for the Philippines in the International Monetary Fund (IMF) and the Alternate
Governor in the World Bank (WB) and in the Asian Development Bank (ADB).
Before joining the Central Bank of the Philippines in 1974, Mr. Tetangco was connected with the Management Services
Division of accounting firm SGV & Co.
Mr. Tetangco took up AB Economics at the Ateneo de Manila University where he graduated cum laude. He took up graduate
courses in business administration in the same institution. As a central bank scholar, Mr. Tetangco took up his MA in Public
Policy and Administration (concentration in Development Economics) at the University of Wisconsin in Madison, USA. Earlier,
he finished his elementary and high school education at Don Bosco Academy in Pampanga.
Mr. Tetangco is married to Elvira Ma. Plana. They have three children: a son and two daughters.
The Monetary Board
The powers and function of Bangko Sentral are exercised by its Monetary Board, which has seven members appointed by
the President of The Philippines. Under the New Central Bank Act, one of the government sector members of the Monetary
Board must also be a member of the Cabinet designated by the President.
The New Central Bank Act establishes certain qualifications for the members of the Monetary Board and also prohibits
members from holding certain positions with other governmental agencies and private institutions that may give rise to
conflicts of interest. With the exception of the members of the Cabinet, the Governor and the other members of the
Monetary Board serve terms of six years and may only be removed for cause.
The Monetary Board meets at least once a week. The Board may be called to a meeting by the Governor of the Bangko
Sentral or by two (2) other members of the Board. Usually, the Board meets every Thursday but on some occasions, it
convenes to discuss urgent issues.
The major functions of the Monetary Board include the power to:
1.
Issue rules and regulations it considers necessary for the effective discharge of the responsibilities and exercise of
the powers vested in it;
2.
Direct the management, operations, and administration of Bangko Sentral, organize its personnel and issue such
rules and regulations as it may deem necessary or desirable for this purpose;
3.
Establish a human resource management system which governs the selection, hiring, appointment, transfer,
promotion, or dismissal of all personnel;
4.
Adopt an annual budget for and authorize such expenditures by Bangko Sentral as are in the interest of the
effective administration and operations of Bangko Sentral in accordance with applicable laws and regulations; and
Indemnify its members and other officials of Bangko Sentral, including personnel of the departments performing supervision
and examination functions, against all costs and expenses reasonably incurred by such persons in connection with any civil
or criminal action, suit or proceeding, to which any of them may be made a party by reason of the performance of his
functions or duties, unless such members or other officials is found to be liable for negligence or misconduct.

The BSP
Monetary Board

Chairman

Members

Amando M. Tetangco, Jr.

Cesar V. Purisima
Alfredo C. Antonio
Juan D. De Zuiga, Jr.
Valentin A. Araneta
Felipe M. Medalla
Armando L. Suratos

Objectives
The BSPs primary objective is to maintain price stability conducive to a balanced and sustainable economic growth. The BSP also aims to promote and
preserve monetary stability and the convertibility of the national currency.
Responsibilities
The BSP provides policy directions in the areas of money, banking and credit. It supervises operations of banks and exercises regulatory powers over nonbank financial institutions with quasi-banking functions.
Under the New Central Bank Act, the BSP performs the following functions, all of which relate to its status as the Republics central monetary authority.

Liquidity Management. The BSP formulates and implements monetary policy aimed at influencing money supply consistent with its primary
objective to maintain price stability.

Currency issue. The BSP has the exclusive power to issue the national currency. All notes and coins issued by the BSP are fully guaranteed by
the Government and are considered legal tender for all private and public debts.

Lender of last resort. The BSP extends discounts, loans and advances to banking institutions for liquidity purposes.

Financial Supervision. The BSP supervises banks and exercises regulatory powers over non-bank institutions performing quasi-banking
functions.

Management of foreign currency reserves. The BSP seeks to maintain sufficient international reserves to meet any foreseeable net demands
for foreign currencies in order to preserve the international stability and convertibility of the Philippine peso.

Determination of exchange rate policy. The BSP determines the exchange rate policy of the Philippines. Currently, the BSP adheres to a
market-oriented foreign exchange rate policy such that the role of Bangko Sentral is principally to ensure orderly conditions in the market.

Other activities. The BSP functions as the banker, financial advisor and official depository of the Government, its political subdivisions and
instrumentalities and government-owned and -controlled corporations.