Gloria Macapagal-Arroyo (GMA) has quickly shown her free market tendencies with the appointment of her economics, finance and budgetary team. Technocrats, democrats and free marketers, they should impress international investors that the Philippines is determined to reform. Whether the local leftist activists who helped sweep Macapagal-Arroyo to office will like it, is another matter.
Pushing for free market
As early as Saturday, right after she took her oath of office as President of the Republic, GMA started to name her cabinet. Most of these executives have track records in free market advocacy.
The key appointment of Alberto Romulo as Finance Secretary was welcomed by the local business community. Romulo was previously the Department of Budget and Management (DBM) Secretary under Cory Aquino, the widow of Senator Ninoy Aquino. Ninoy, after whom Manila’s international airport is named, was assassinated by the military operatives of Marcos. His death was the proximate cause of the People Power 1. Romulo later became a senator and headed the influential Senate committee on banks and finance.
Other nominees
GMA is expected to finalize appointments in the next few days. The economic portfolios have strong contenders that have been floated around by her transition team, to wit:
Director-general of the National Economic and Development Authority (NEDA): Dante Canlas, a professor of the University of the Philippines (UP). Dr Canlas previously served as NEDA deputy director-general under the Ramos administration.
Earlier, sources said GMA offered this position to Emilio Osmena, former Governor of Cebu province, who turned it down because the latter is not interested in a cabinet position but is available as an economic adviser.
Commissioner of the Bureau of Internal Revenue: Corazon dela Paz, chairman of Joaquin Cunanan, the local partner of Price Waterhouse. She provided inputs to the Comprehensive Tax Reform Program (CTRP) in 1997.
DBM Secretary: Emilia Boncodin who is no stranger to the department having been Undersecretary at the time of President Ramos, the immediate predecessor of President Estrada. Boncodin is a member of Foundation for Economic Freedom, a free market advocacy think tank.
Bureau of Customs: Guillermo Parayno, Jr. who occupied the position previously under former President Ramos. Incidentally, Parayno is a classmate of Senator Gringo Honasan at the Philippine Military Academy. Honasan was the leader of the failed coup against Marcos that was redeemed when the people protected them from Marcos loyalists.
National Treasurer: GMA may reappoint Leonor Briones as National Treasurer. In her younger days, Briones was a student activist from UP.
Central Bank Governor: By law and by the constitution, GMA cannot remove current governor Rafael Buenaventura, who is expected to steer the country’s monetary policy until his term expires in 2004.
