Teves named Asia's Best Finance Minister in 2008

The London-based monthly magazine The Banker has named Finance Secretary Margarito Teves as The Best Finance Minister for Asia in 2008, citing his efforts in handling the negative impact of the global crisis on the Philippines.

In its award, the magazine said Teves rose to the challenge of handling the impact of the global economic turmoil on the country.

“It has been a tumultuous 12 months for the majority of the world’s finance ministers, with the impact of the credit crisis affecting almost every country to some extent. Here The Banker salutes those that have risen to the challenges posed by this financial turmoil,” The Banker said.

The Banker said the decision was the outcome of discussions among editors and staff of the magazine, and a survey of views among bankers and economists.

“In particular, survey respondents mentioned that, thanks to progressive improvements in revenue collection, lower public debt levels and more stable finances at the state-owned enterprises, the Philippines has entered the current global credit crunch in a much less vulnerable position than during past financial crises,” Philip Alexander, The Banker’s Finance editor said.

In an article regarding the award, The Banker noted Teves’ efforts to reduce the Philippine economy’s vulnerability to the crisis.

These include deferring the balanced budget goal to have more funds to spend and putting in place measures to boost tax collections and to widen the tax base.

Teves, for his part, said more needs to be done.

“If we have support from Congress, we can rationalize taxes and revenue incentives and use the savings to invest more in infrastructure,” he said.

The Banker is the premier monthly magazine on global finance since 1926, and part of the Financial Times group of publications. The finance minister awards are now in their eighth year.

Teves assumed the Finance post in 2005. Prior to this, he was president and chief executive officer of the Land Bank of the Philippines since September  2000.

He also served as Congressional representative of the 3rd District of Negros Oriental in 1987. He took up Bachelor of Arts at the Universidad Central de Madrid, Spain in 1961. He earned his diploma in Higher Education Diploma in Business Studies in 1965 at the City of London College in England. In 1968, he finished his master’s degree in Development Economics from Williams College, Massachusetts, USA.