It has been a hectic year for central bank governors globally as the twin pressures of managing monetary policy and shoring up the local banking sector have made for many a sleepless night. Amando Tetangco, governor of the Bangko Sentral Ng Pilipinas (BSP), however, has endured fewer than most.
Filipino bankers speak highly of the BSP, which is also regarded by external analysts as one of the most transparent and forward-looking central banks in the region. Many bankers hold up the sector's standardised roll-out of Basel II in 2007, years ahead of neighbouring countries, as a critical example of the BSP's progressive style of governance. This development, combined with the bank's conservative attitude towards structured products, saw the sector enter the global slump with a chunky system capital ratio of some 15%.
