Dominguez named East Asia Pacific’s top finance chief

Declines award

Washington-based publication Global Markets named Finance Secretary Carlos G. Dominguez III East Asia Pacific’s top finance minister of the year, but President Rodrigo R. Duterte’s chief economic manager declined the award.

In a letter dated August 30, 2017 from Managing Editor Toby Fildes of Global Markets,

the newspaper of the World Bank and the International Monetary Fund Annual Meetings, informed Dominguez that he was chosen “Finance Minister of the Year for East Asia Pacific.”

However, Marc Gregory Crisostomo, head executive assistant of the Office of the Finance Secretary, said in a reply letter to Fildes that while Dominguez was grateful for being chosen from among a group of distinguished finance ministers in the region, the economic manager was declining to accept the award.

“Thank you for noting the efforts of the Department of Finance to pass the Comprehensive Tax Reform Program and to usher in the Golden Age of Infrastructure of the Philippines. The Secretary is not alone in this fight for a more inclusive economy,” Crisostomo said.

According to Crisostomo, Dominguez, as one of the Cabinet members of the current administration, worked hard under the directive of President Duterte.

“Thus, it is with deep regret that Secretary Dominguez declines the honor of this award as he is just performing his duties as the Secretary of Finance. As he always tells his staff, the development of the nation is a team effort,” the letter, dated September 13 2017, read.

Fildes said Global Markets chose Dominguez owing to his efforts in push- ing for the comprehensive tax reform program that was expected to further boost economic growth.

“Since being appointed finance minister by President Rodrigo Duterte in July 2016, you have barely stood still. A fivepronged tax bill passed by the lower house and currently wending its way through the Senate, is the most ambitious reform package in decades,” Fildes’ letter read.

“Add in the ambition and the will to ratchet up debt and tap development banks and agencies to pay for the kind of quality infrastructure the Philippines needs, you are a man with a lot to do — and the ability and the desire to get it done,” the managing editor added.

The awarding ceremony was scheduled on October 14 at The Willard InterContinental Hotel in Washington DC. (CSL)