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. Please see our Subscription Terms and Conditions.


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

The Philippines: Teves faces up to taxing issues

The Philippines’ finance secretary has stabilized the economy during his three-year tenure, but external shocks could derail his plans.

Philippines Financial Secretary, Margarito “Gary” Teves

"For developing countries with limited resources, we could probably do with a little less democracy"
Margarito Teves

The Philippines’ secretary of finance, Margarito Teves, talks to Eric Ellis about his achievements and aspirations in keeping the economy on a stable growth path.


THE preferred office of Philippines Financial Secretary, Margarito "Gary" Teves is not to be found in the bowels of the Finance Ministry but in the heart of Manila’s business district, Niew Makati, on the executive mezzanine level of one of the country’s biggest banks. For 65-year-old Teves, an amiable politician-businessman hybrid now three years in this important job, this is more than simply convenience and being closer to those most interested in his deliberations, Philippines Inc. In a country plagued by chronic infrastructural deficiencies, New Makati simply functions better than the creaking finance ministry building in the older Manila environs. Teves says that his ministry is having "electrical wiring" issues.

Plus ça change

Plus ça change plus c’est la même chose as foreign investors might rue in this vibrant but often difficult country with a booming, mostly Catholic, population that struggles to lift itself from the mire of inefficiency.


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.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

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

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, 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

LOGIN NOW

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