Punishing original sin
How it's reshaping the bond markets
Confidence in the Philippines’ economy among the international financial community has never been better, and finance secretary Cesar Purisima has played a key role – tackling the country’s problems and improving its finances.
Cesar Purisima is not
afraid to stick to what he believes in. In July 2005, his first
term as the Philippines finance secretary came to an
abrupt end when news broke that president
Gloria Macapagal-Arroyo had allegedly rigged the 2004
election in her favour. Purisima, along with nine other
cabinet ministers, resigned from their posts.
Fast forward to 2012 and
Purisima is back in place as
finance minister, two years into his second term. President
Benigno Aquino is the architect of the new
administrations anti-corruption drive, but Purisima is
his main co-conspirator, championing the idea that "good
governance leads to good economics".
Bankers in the country
say he has stuck to his guns, and the country is reaping the
"The public was initially sceptical of Purisimas
slogan," says Consuelo D Garcia, country manager and managing
director of ING in the Philippines. "Many just didnt
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