The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

The quest for credibility

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 previous year. These are big swings. The point we are making is that the second half of the year was so much better and we have to maintain that level of performance. And we are on a better track compared with last year.

So the monthly deficit will be more in line with the target that you have set? Yes.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree