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23/09/2011: Finance Secretary Purisima Stresses Importance of Good Governance for Philippine Economy

Finance Secretary Cesar Purisima, left, speaks at the CSIS Banyan Tree Leadership Forum.  To his left is Mr. Ernest Bower, CSIS Senior Adviser and Director for Southeast Asia.

23 September 2011, Washington DC. Philippine Finance Secretary Cesar Purisima delivered yesterday the keynote remarks at the Banyan Tree Leadership Forum of the Center for Strategic and International Studies (CSIS) in Washington, D.C.

Moderated by Mr. Ernest Bower, CSIS Senior Adviser and Director for Southeast Asia, Secretary Purisima discussed developments in the Philippine economy as a result of President Benigno S. Aquino’s reform program.  Naming it “Aquinomics,” the Secretary enumerated the Aquino administration’s economic priorities:  fiscal and macroeconomic stability, infrastructure development, improving how business is done in the Philippines, and investing in people.

Secretary Purisima stated that “underlining the priorities is good governance – investing in government institutions, which would act as a catalyst for capital flow and become a partner of the business sector.”  He added that this would improve confidence in the country’s economy, which will translate to more investments and job creation.  The goal, Secretary Purisima, concluded is “to percolate socio-economic development to the majority of the people.”

Secretary Purisima served as Secretary of the Department of Trade and Industry in 2004 and Secretary of the Department of Finance in 2005. In July 2010, he was reappointed as Finance Secretary.  He also served as chair and member of the board of many government companies including the National Power Corporation, Land Bank of the Philippines, and Monetary Board.  He also has extensive work experience in public accounting both in the Philippines and abroad.  He was Chairman and Managing Partner of SGV & Co. until January 2004.  END