THE PHILIPPINES will soon deploy finance attachés in two to four major cities overseas to better promote the country’s financial markets.
“The Department of Finance will post finance attachés in key financial centers abroad in further pursuit of economic diplomacy, to strengthen our macroeconomic surveillance and research, to further promote international financial and fiscal cooperation with foreign governments, bilateral and multilateral development partners, and regional and/or international organizations as well as to better monitor and respond to developments in the financial markets including global capital markets,” Finance Secretary Cesar V. Purisima said in Department Order No. 105-2015 issued last month.
According to Purisima, finance attachés would be primarily tasked to promote the Philippines’ financial markets and instruments, conduct macroeconomic research and surveillance, as well as promote international fiscal, financial and international cooperation.
The DOF proposed to assign the first few finance attachés in New York and Tokyo, after which the additional postings in the future could be in Beijing and London.
Purisima cited that the United States, Japan, China and the United Kingdom were not only among the country’s top trading partners but also hosts to global financial centers and regional, multilateral and international finance and development organizations.
The Finance chief also noted that the bulk of foreign investments as well as remittances from Filipinos overseas came from these four countries. Also, Japan and the US were the Philippines’ “only strategic partners” in terms of bilateral economic cooperation, Purisima pointed out.
Finance attachés will have a two-year tour of duty that will be subject to a performance evaluation by the DOF in consultation with the Department of Foreign Affairs’ head of post.
The DOF will have a selection board that will evaluate applicants, while the finance secretary will recommend the appointment of finance attachés to the Office of the President. Ben O. de Vera