Cesar Purisima, Finance secretary, Philippines – video
Euromoney’s Finance Minister of the Year waxes lyrical about the country’s fiscal progress, capital market reform and Asian regional integration.
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.
The Philippines’ secretary of finance, Cesar Purisima, has a reputation for probity that has reached street level. And he is determined to rapidly advance economic growth through the encouragement of entrepreneurship, the development of capital markets and increased regional integration.
The Philippines is on the right track, with finance secretary Cesar Purisima on a personal crusade to get a ratings upgrade.
"We are really bullish looking to the future of an integrated Asean," Purisima says, as images of idyllic Boracay beaches and the rolling chocolate hills of Bohol drift past on a TV monitor behind him, a pitch to attract more intra-Asian tourism to the Philippines. "Asean is an economy of 600 million people, a very favourable demographic, and the Philippines is very well positioned to actively participate in that."
Purisima says more local funding to come; Republic targets investment-grade rating
Purisima says more local funding to come; Republic targets investment grade rating
Under then-finance secretary Cesar Purisima, the government introduced a series of fiscal and tax measures designed to tackle a government budget deficit. Then came the political crisis that has consumed the country ever since.
Cesar Purisima, the respected ex-finance secretary who resigned in July to protest against Arroyo's leadership, remarked recently that Filipinos are too happy, too forgiving. He is right.
Euromoney delegates hear it first
In the middle of a speech at the Euromoney Asia-Pacific Bond Congress, finance secretary Cesar Purisima announced the Bureau of Internal Revenue was filing tax evasion charges against Arthur C Yap, the secretary for agriculture and a long-term supporter of Arroyo.
Left for dead after the financial crisis, the Philippine stock market is barely a rounding error on foreign investor's portfolios. But despite the country's economic woes, the market has emerged recently from its long sleep. Whether the recovery is a long-term trend or a brief flutter on an otherwise flat line seems to be up to the government.