New Philippine central bank governor sworn in

Philippine president Gloria Macapagal-Arroyo on Monday 4 July swore into office Amado Tetangco Jr. as the new chief of the central bank.

Tetangco assured the nation his wish to address problems of "continuity of stable prices and a sound banking system" at his new post.

The Philippine economy has been shaken by the weakening peso, surging oil prices and rising inflation amid political uncertainties caused by various scandals.

Tetangco was former deputy governor at the central bank prior to his

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