Currently secretary of energy, Camacho was appointed by President Arroyo to the finance post effective June 15, 2001 to take the place of incumbent Finance Secretary Alberto Romulo, who is assuming the post of executive secretary to replace Renato de Villa who has taken an indefinite leave of absence following a heart bypass.
The Arroyo administration has embarked in an austerity program to reduce its ballooning budget deficit which reached P36-billion in the first quarter of the year. It has also embarked in a tax reform program spearheaded by the finance department and its line agencies namely, the BIR and the BOC.
"A lot has been achieved by Secretary Romulo which I hope to continue. Naturally, we are looking at increasing government revenues as we have a huge budget deficit that must be contained," Camacho said in a radio interview.
Like his predecessor, Camacho will have to find ways and means of increasing government revenues without introducing new taxes. He will also have to see through the effective implementation of tax reforms, look for other forms or areas where revenues can be generated while reducing government expenditures.
"Reduction of costs and expenses is not only the concern of the finance department but of the entire government bureaucracy. The President is the best example in terms of austerity and simple living," Camacho said, adding the government would have to fight graft and corruption in government.
There is a general perception that over 50 percent of government funds are lost to graft, while over a quarter of would-be revenues is lost to misdeclaration or other forms of tax evasion.
"We would be looking at reports of BIR personnel, including examiners that are spending more than they are supposed to be earning. It has been reported that the President has formed a committee to look into reported cases of abuses or graft and corruption, or anomalies involving government employees or personnel," the outgoing energy secretary said.
Camacho said that graft and corruption must be reduced if not eliminated, not only because it reduces government coffers but damages the moral fiber of the government as an institution, as well.
The World Bank said corruption inhibits foreign and domestic investment while it erodes the country’s competitive position.