Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. has declined a possible third term as the head of the Monetary Board and the bank regulator because of health concerns.
Finance Secretary Carlos Dominguez III told reporters that while Tetangco was his number one choice for the post, the latter begged off, citing his health condition.
“As far as I am concerned, Tetangco’s term should be extended but [he] begged off, saying he has health issues. [At] 43 years, even I would get tired of doing the same job,” Dominguez told reporters at the sidelines of the induction of officers of Economic Journalists Association of the Philippines in Manila.
“I think that this is probably the most important appointment the president is going to make. I think that there should be a process to arrive at a wise decision because we are not replacing one person, we are replacing actually four positions in the central bank,” Dominguez said, referring to three other posts in the Monetary Board that will be vacated on July 1.
The terms of three other MB members are expiring in July. These positions are held by Armando Suratos, Felipe Medalla and Alfredo Antonio.
“This is practically majority of the board. I think that it should go through a real good process. To start the process, we have to understand what exactly does the central bank do. We should have an appreciation with that,” Dominguez said.
“We want a serious process we think that is fair for the Filipino people and it is fair to candidates that each one gets a proper hearing, gets a real appreciation for the president, gets appreciation for what the job is [and] what the qualifications are for each of the position,” he said.
Bangko Sentral Deputy Governors Nestor Espenilla and Diwa Guinigundo earlier said they would accept the top job at the central bank, if it was offered to them.
Other names cropped up for the BSP position, including EastWest Bank president Antonio Moncupa, Foreign Affairs Secretary Perfecto Yasay Jr. and MB member Peter Favila.
Tetangco would complete his second term as BSP governor in July.