Jose Isidro Camacho, secretary of finance of the
Philippines, is a former investment banker - he was Deutsche
Bank's country head in the Philippines from 1999-2001. He
talks to Euromoney's Chris Cockerill about what the Philippine
government must do to regain the market's
trust.
The Philippines missed its budget deficit
target by a wide margin last year. You have set a new target
for this year but many are sceptical you can hit even
this.
The challenge for us is to address the issue and work towards
delivering. But we need to be a little analytical about last year.
The performance last year was diverse. In the first seven months
there was a 4.6% decline in revenues collected by the Bureau of
Internal Revenues compared with the previous year. In the last five
months there was a 9.9% improvement on the...
