Finance Secretary Cesar V. Purisima was once again named the Finance Minister of the Year by FinanceAsia, his second from the financial publisher and his sixth such award.
Purisima edged out the finance ministers of bigger economies such as India, South Korea, Indonesia and Hong Kong. He received the citation during awarding ceremonies held in Hong Kong last Jan. 27.
Purisima was hailed Finance Minister of the Year for Asia by Emerging Markets in 2011; was Euromoney’s Finance Minister of the Year in 2012; and a repeat awardee of Emerging Markets as well as The Banker’s Finance Minister of the Year for Asia-Pacific in 2013.
Following the announcement of the newest feather on his cap, Purisima was quoted by the Department of Finance (DOF) as saying that “with our five-year average growth rate of 6.2 percent hitting the highest in 40 years, the turnaround project is complete.”
“The Philippines, once the sick man of Asia, is now the region’s resilient bright spot,” Purisima said.
According to the DOF, Purisima’s newest achievement “underscores the success of President Benigno Aquino III’s governance philosophy in turning the Philippines around.”
The DOF said FinanceAsia cited the Philippines under Aquino’s leadership “as one of the few bright spots in Southeast Asia, faring relatively well in part because of its service industry focus, strong domestic consumption, government spending, and the steady flow of remittances from its diaspora of overseas workers.”
On its website, FinanceAsia said “Purisima deserves his gong, having improved the country’s finances and avoided missteps that could have undermined the remarkable growth story in the Philippines.”
“Purisima and the DOF also deserves plaudits for their sound economic management. Purisima has been the architect of the government’s reputation for fiscal discipline, professionalism, and a desire to combat corruption,” FinanceAsia said.
FinanceAsia also noted the declining share of debt to the growing economy. “Philippine debt-to-GDP [gross domestic product] has fallen to 44.8 percent as of end-2015 with foreign debt minimized to 15.6 percent of GDP amid extended maturities,” it said. Ben O. de Vera