Who’s next in line as Philippines seeks new Central Bank chief?

Amando Tetangco’s term as governor of the Philippine central bank will expire on July 2 and he hasn’t disclosed yet if he will accept an offer from President Rodrigo Duterte to stay on for a third term. Tetangco, 64, has kept inflation below 5 per cent for more than five years, allowing the bank to cut its benchmark interest rate to a record low. He has held office under three presidents, steered the economy through a global recession, and served as a pillar of stability for investors spooked by Duterte’s rhetoric around his war on drugs. The next governor will need to protect the economy, among the world’s fastest-growing, from risks including higher US interest rates and capital outflows. Tetangco said in an interview on Monday said the central bank can hold off from raising rates in the next six months. A veteran of more than 40 years at Bangko Sentral ng Pilipinas, Tetangco has said he prefers a successor who has worked in central banking before. (Siegfrid Alegado, Cecilia Yap and Norman P. Aquino/Bloomberg)

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