Philippine treasurer Omar Cruz resigns

The surprise departure of the man credited with transforming the country's fiscal policies leaves a gap that will be difficult to fill.

Omar Cruz, the whiz-kid who has played a crucial role in transforming the fortunes of the Philippines, has resigned from his functions as national treasurer. The resignation takes effect on June 1. There is some speculation that Cruz is transferring to the private sector.

The news comes at an unexpected time, given the proximity to the May 14 mid-term elections, and following the surprisingly bad first-quarter fiscal results.

When Cruz was appointed to the job of treasurer under the administration...

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