The Japanese Embassy in Manila announced the conferment of The Order of the Rising Sun, Gold and Silver Star, on former Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr., for his contributions in bolstering the ties between Japan and the Philippines in the financial sector.

Japan recognized Tetangco’s role in drafting a law amendment to allow more foreign banks to operate in the Philippines and in “strongly” persuading 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 thereby improving the environment for Japanese companies to operate and expand their businesses in the Philippines,” the Japanese Embassy in Manila said.

It also recognized Tetangco for 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 Association of Southeast Asian Nations (ASEAN)+3 Finance Ministers’ and Central Bank Governors’ Meetings starting in 2012, and promoted the Asian Bond Markets Initiative and the establishment of the Asean+3 Macroeconomic Research Office.

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

In the same year, the Embassy said he 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,” it noted.

“The Government of Japan extends its sincerest congratulations to Mr. Tetangco, and hopes that he will continue to take an active role in further strengthening the close relations between our two nations,” it said. (Japan Embassy PR)