Figueroa was sworn into office during simple ceremonies at Malacañang after her appointment papers were signed by President Arroyo last Monday.
Figueroa will serve the remainder of the Arroyo administration after her long stint as Edeza’s deputy. She will be primarily responsible for the government’s $7.6-billion borrowing program for 2004.
This year, the Arroyo administration plans to borrow about $5.3 billion of the total amount through domestic borrowing with only $2.3 billion to be sourced through foreign borrowing.
This leaves a foreign exchange funding gap of $1.6 billion if the government decides to use funds from project loans and a gap of as much as $2 billion without project loans.
"She’s well-prepared for the job, she has the experience and proper demeanor," said Leonilo Coronel, executive director of the Bankers Association of the Philippines (BAP).
As national treasurer, market sources said Figueroa was the perfect blend of cunning and charm who would make her a tough negotiator when dealing with banks and financial entities that who want to make money out of lending to the government.
Edeza, meanwhile, will take over Phileximbank after the resignation of its former president Joel Valdez.
Edeza himself tried to resign at least three times but this was rejected until the resignation of former Finance Secretary Jose Isidro Camacho who originally recommended Edeza’s appointment as national treasurer.
Edeza’s final resignation was supposed to have taken effect last December but he agreed to stay on until the end of January, recommending Figueroa to take his place as national treasurer.
Figueroa has been with the Bureau of Treasury since 1999. She was recruited to work for the bureau after working for Security Bank Corp. since 1997 where she was steadily promoted from assistant vice president to vice president.
Before her stint at Security Bank, Figueroa worked briefly at the Hongkong branch of the Equitable Banking Corp.
Figueroa is no stranger to civil service, having worked from 1979 to 1989 for the treasury department of the Central Bank of the Philippines before it was transformed into the Bangko Sentral ng Pilipinas (BSP).