All is set for outgoing Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. to walk off into the sunset as he ends his career as the country’s top monetary regulator.
Today, in fact, is his last day of work at the BSP and, come tomorrow, will officially be unemployed for the first time in his life (having joined the central bank immediately after a short stint with audit firm SGV & Co. right after graduation).
His first agenda as a retiree —like most other retirees capping a successful career—will be to go on vacation with his wife Elma.
Tetangco will also serve as an unofficial consultant for the BSP for the near term in case a financial crisis requires his expertise (knock on wood). He may be engaged formally as a consultant by his successor, Nestor Espenilla Jr., but we really don’t see Tetangco coming to work every day and holding office at the row of consultants’ rooms at the central bank.
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But will he go into a lucrative private sector consultancy or board of directors job after he returns from his holiday? Not immediately. There’s the usual rule that bars government officials from joining private corporations for a least a year after leaving office, BSP’s top brass is also prohibited from working for “regulated parties” —banks, basically—for two years.
Tetangco will have to wait until 2019 to join a bank’s board of directors and enjoy the lucrative post-retirement job that ex-governors usually get. But what about working for a conglomerate that owns a bank? It’s a gray area and no one has really tried pushing the envelope yet. So Tetangco will be the test case, if ever he decides to rejoin the workforce next year.
