Japan confers decoration on former BSP governor

November 4, 2019

The Government of Japan announced on Sunday the conferment of The Order of the Rising Sun, Gold and Silver Star, on Amando Tetangco, Jr., former governor of the Bangko Sentral ng Pilipinas, in recognition of his contribution to strengthening the relations between Japan and the Philippines in the financial sector.

This was announced by the Japanese Embassy in a press statement on Monday.

As the central bank governor, Tetangco took the lead in drafting a law amendment to allow more foreign banks to operate in the Philippines and strongly persuaded the congress on the need for the liberalization of entry of foreign banks.

As a result, the law was enacted in 2014, allowing further participation of Japanese banks, and improving the environment for Japanese companies to operate and expand their businesses in the Philippines.

Tetangco also helped in regional finance stabilization by promoting both regional and bilateral financial cooperation led by Japan in order to overcome the global financial crisis that occurred in 2008.

He participated in the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meetings starting in 2012, and promoted the Asian Bond Markets Initiative (ABMI) and the establishment of the ASEAN+3 Macroeconomic Research Office (AMRO).

In 2014, he strongly supported the creation of the “Joint Working Group on Bilateral Financial Cooperation between Japan and the Philippines” to deepen economic relations of the two countries.

In the same year, Tetangco made huge efforts to expand the bilateral currency swap between Japan and the Philippines.

As a result, the exchange limit for the Philippine peso to the US dollar was doubled, ensuring further stability of financial markets in Asia.

The Government of Japan extends its sincerest congratulations to  Tetangco, and hopes that he will continue to take an active role in further strengthening the close relations between our two nations. DMS