Magazine names Purisima top finance chief of 2012

Posted at 10/12/12 12:21 PM

MANILA, Philippines - Leading global finance magazine Euromoney named Finance Secretary Cesar V. Purisima as its 2012 Finance Minister of the Year. 

Purisima received the award from Euromoney’s editor Clive Horwood at a private reception at the sidelines of the World Bank/IMF meetings in Tokyo. 

Euromoney praised Purisima for his "careful and successful stewardship" of the Philippine economy.

"Purisima has worked closely with President Benigno Aquino to champion the idea that 'good governance is good economics.' Bankers in the country say he has stuck to his guns, and the country is reaping the rewards. Purisima has unleashed an unforgiving strategy to combat tax evasion and maximize revenue from corporates without introducing any new taxes or reforms," Euromoney said, on its website. 

“The Philippine growth story stands out against the challenging global macro-economic backdrop. Under Purisima’s guidance, and fighting back after storms and flash floods devastated the country in 2011, GDP growth reached 5.9% in the second quarter of this year – up from 3.6% the previous year – and brought the first-half GDP average growth to 6.1%, showing some of the strongest growth rates in Asia."

In a statement, Purisima said the award is a recognition of the Philippines' economic gains under the Aquino administration. 

"More than anything else, this is a testament to how far the Philippine economic story has turned around under the leadership of President Aquino. President Aquino’s unwavering commitment to good governance has brought significant gains to the Philippine economy," he said. 

Purisima shared the recognition with the Philippine government, particularly Internal Revenue Commissioner  Kim Henares and Budget Secretary Butch Abad. 

"President Aquino’s leadership has inspired several distinguished men and women to join government and without their hard work the Philippine story would not be as remarkable. It has been a tremendous honor to join them in this journey and I share this recognition with them," he said.

"I am only one in an enterprise of many. It is the hard work of each and every one that enables us to reach greater heights."