MANILA – A senior member of the Arroyo Cabinet has been named by a prestigious London-based monthly publication as “Asia’s best finance minister in 2008†for his successful efforts in blunting the adverse impact of the global financial turmoil on the Philippine economy.
In bestowing the award, “The Banker†honored Secretary Margarito Teves of the Department of Finance for his success in implementing measures that placed the Philippines “in a much less vulnerable position than during the crisis.â€
These include, the magazine said, progressive improvements in revenue collection, lower public debt levels and more stable finances at the state-owned enterprises.
The finance minister awards, now on their eighth year, are bestowed by The Banker, the premier monthly magazine on global finance since 1926 and part of the “Financial Times†group of publications based in London.
“It has been a tumultuous 12 months for the majority of the world’s finance ministers with the impact of the credit crisis affecting almost every country to some extent,†the magazine noted. “Here The Banker salutes those that have risen to the challenges posed by this financial turmoil.â€
According to the magazine, the decision to honor Teves with the prestigious award was the outcome of discussions among its editors and staff as well as a survey of views among bankers and economists worldwide.
In an accompanying article on the award, The Banker noted the determined efforts of Teves to reduce the vulnerability of the Philippines in connection with the crisis.
“These include deferring the balanced budget goal to have more funds to spend and putting in place measures to boost the tax collection and widen the tax base,†the magazine said in particular.
In welcoming the award, Teves pointed out that more needs to be done, especially with the help of Congress to rationalize taxes and revenue incentives and use the savings to invest more in infrastructure.
Teves, the scion of an influential political family in Negros Oriental province in the Visayas, was appointed finance secretary by President Gloria Macapagal-Arroyo in 2005 after a successful stint as the head of the state-owned Land Bank of the Philippines.
As Land Bank president, Teves also reaped numerous awards from prestigious organizations in the Philipines for his successful handling of loans to micro and medium-sized business enterprises especially in the countryside.
He likewise served as member of the House of Representatives representing his home province of Negros Oriental in 1987.
Teves took up Bachelor of Arts at the Universidad Central de Madrid, Spain in 1961. He earned a degree in Higher Education Diploma in Business Studies at the City of London College in 1965.
In 1968, he finished his master’s degree in Development Economics from the Williams College in Massachusetts, USA.
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