philippine-treasurer-omar-cruz-resigns

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 of President Gloria Macapagal Arroyo in 2005, he instantly began cleaning up the countryÆs fiscal policies. His achievements include cutting the fiscal deficit, significantly reducing the countryÆs borrowing costs by Ps40 billion a year,...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222