Downfall of a dynasty

Downfall of a dynasty

The last days of Ricardo Salgado and Banco Espírito Santo

Digital banking: Special focus

Digital banking: Special focus

Big data, analytics and technology

September 2012

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Finance minister of the year 2012: Purisima pushes Philippines to new heights


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 administration’s 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 rewards.

"The public was initially sceptical of Purisima’s slogan," says Consuelo D Garcia, country manager and managing director of ING in the Philippines. "Many just didn’t believe that...


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Finance minister of the year 2014:
Mexico's Luis Videgaray


Full details of the award, including an in-depth interview with Videgaray and coverage of the reception at the IMF in Washington will be live October 10.

Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.