Carlos Dominguez: Steering well in the storm

After a relatively smooth year in 2017, the financial secretary of the Philippines proposed drastic reform last year over the way government approves and allocates its budget with an aim to support long-term economic growth.

It is clear an individual’s ability is better demonstrated when working against the headwind than under favorable environments. This is the best way to sum up Carlos Dominguez’s performance over the past 12 months.

After delivering a good list of achievements in his second year as finance secretary of the Philippine government in 2017, Carlos Dominguez had to deal with a much tougher year throughout 2018 after lawmakers refused to pass the P3.76 trillion $72 billion 2019 national budget, causing a stalemate in new government spending since the beginning of the year.

Since January the Philippine government has been operating under a re-enacted budget, which is...

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