Amatong takes over as DOF head

Juanita Amatong officially took over yesterday as officer-in-charge (OIC) of the Department of Finance (DOF).

Amatong, a DOF career officer and veteran in the international finance community, said there will be no shift in the government’s fiscal policies or revenue targets for the remainder of the Arroyo administration.

Amatong said that contrary to market expectations, there will be no change in the government’s fiscal program. "We will just continue with what has been started, much of the work has already been laid down," she said.

"I am personally committed to work in order to raise revenues," Amatong said, adding that she has scheduled meetings with Bureau of Internal Revenue (BIR) commissioner Guillermo Parayno and Customs commissioner Antonio Bernardo.

Amatong said the revenue targets would be the same and the schedule of deficit reduction would continue at the same pace set by the Development Budget Coordinating Committee (DBCC).

Over the long term, however, Amatong said the government should consider taking a closer look at local government finance. "Local governments have resources that are untapped," she said.

Amatong said she was taking over only as OIC although she said she is willing to serve in an acting capacity.

As OIC, she could legally function as a secretary except that she would need authorization to enter into any legal contracts on behalf of the DOF.

"In taking the OIC position, it gives the President the flexibility to appoint someone else should she find another person that she thinks could perform better," Amatong said.

Amatong has been Undersecretary of Finance for international finance since March 2001 although she served previously in the same position in 1992 to 1995 before going to the World Bank where she was advisor to the executive director. She also served at the Central Bank of the Philippines and at the International Monetary Fund (IMF) as tax economist. She taught at the Siliman University early in her career.

Camacho officially turned over his office to Amatong during simple ceremonies yesterday at the DOF. Amatong is expected to serve the remainder of the Arroyo administration which ends in June 2004 after the national elections in May.