The Malacañang Press Office said Espiritu will represent the country in transactions with foreign banks "under the terms of reference to be established by the secretary of foreign affairs and the secretary of finance."
"Mr. Espiritu has been authorized to represent the President during the next 100 days to seek support for the Philippines," the Palace Press Office said.
Espiritu, who used to own Westmont Bank, was the highest ranking former official to testify in the trial of former President Joseph Estrada.
He testified that the impeached leader had actively invested in Best World Resources Corp., a gaming firm accused of insider trading and stock manipulation. – Marichu Villanueva