Amando M Tetangco, Jr: Promoting the rule of law in the financial sector
Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central
bank of the Philippines), at the launching of the BSP's book on "Special Banking Laws and
annotated", Bangko Sentral ng Pilipinas, Manila, 13 February 2013.
* * *
Former Chief Justice Reynato Puno, members of the Monetary Board, former BSP
Governors Laya and Singson, Prime Minister Virata, advocates of the rule of law from the
government and the private sector, fellow BSPers, distinguished guests, good afternoon.
We at the Bangko Sentral ng Pilipinas are deeply honored by your presence, Chief Justice
Puno, at this simple launching ceremony for the Book on Special Banking Laws Annotated.
This book covers the laws that govern particular financial institutions such as thrift, rural and
cooperative banks as well as non-stock savings and loan associations.
These financial institutions play a unique and pivotal role: they broaden the reach of our
financial system down to the countryside and encourage savings, loans and investments that
grow the economy, generate employment and promote inclusive growth.
Equally important are annotations to laws on the rights and protection of consumers,
borrowers and depositors that are discussed in this book.
This book completes the three-volume series on Banking Laws of the Philippines published
by the Bangko Sentral ng Pilipinas. As mentioned earlier, the first book is The New Central
Bank Act Annotated while the second is The General Banking Law Annotated. Deputy
Governor and General Counsel de Zuñiga tells us that this will probably be not the last; his
team is now looking at the possibility of coming up with another book, possibly on financial
transaction and products.
With this groundbreaking undertaking, we have consolidated in three books the legal
framework within which we operate complete with annotations as to its applications including
its historical and philosophical underpinnings.
We have been asked: why is the Bangko Sentral publishing these books? Well, we learned it
was difficult for lawyers, researchers and the academe to access laws and annotations
relevant to the financial sector in a timely fashion. And since we also subscribe to the legal
maxim that "Justice delayed is justice denied" the BSP's Monetary Board decided to take on
the challenge of publishing these three books.
It is a source of pride for us that these landmark books represent the collective output of the
Bangko Sentral's in-house team of lawyers from the Office of the General Counsel and Legal
Services under the leadership of Deputy Governor Juan de Zuniga, Jr. Without question,
they have no equal in terms of combined expertise and experience in the application and
interpretation of banking laws and regulations. But beyond their expertise, it is their passion
to serve our people that gave them the adrenalin to work on these legal books alongside
their regular assignments. You can see the portraits of our writers and editors around this
hall. And they will be happy to autograph your books.
We also thank the former Chief Justice of the Supreme Court, The Honorable Reynato Puno
who graciously and generously accepted our request for him to write the foreword for the
Book on Special Banking Laws Annotated and to be our Guest of Honor in this book launch.
It is our distinct honor and privilege to have with us today the man described by the
magistrates at the Supreme Court as a "transformational leader", "an intellectual aristocrat"
and "one of the greatest Chief Justices of the Supreme Court of the Philippines." His book
entitled "Equal Dignity and Respect the Substance of Equal Protection and Social Justice"
was launched only last month. In other words, he continues his crusade for a level playing
field and equality in our country. Maraming salamat Mr. Chief Justice.
And so today, ladies and gentlemen, we present the complete set of the Bangko Sentral's
three books on Banking Laws of the Philippines which we are certain will help fortify the
foundation for the rule of law to flourish in the Philippine financial sector. This should benefit
our people, our economy and our country.
Once again, our congratulations to our lawyers who made these books a reality and our
appreciation to Chief Justice Puno and all of you who have joined us today for this legal
milestone.
Mabuhay po tayong lahat!
Mabuhay ang ating mahal na bansang Pilipinas!
Thank you and enjoy the rest of the evening.