President Duterte showed no particular interest in economic affairs during his years as mayor of Davao City and has declared that he preferred, while in Malacañang, to leave the management of this country’s economic affairs in the hands of his economic management team. Taken in conjunction with the governance system in the typical capitalist country, this means that the Philippine economy will be undertaken by the three individuals principally responsible for the management of the nation’s economic planning and financial management.
The triumvirate is composed of the heads of Neda (National Economic and Development Authority), the Department of Finance and Department of Budget and Management. The responsibilities of the three officials are clearly delineated. The Director-General of Neda takes care of overall economic planning, the Secretary of Finance takes care of collecting the government’s revenues and the Secretary of Budget and Management takes care of preparing the national budget and of releasing the budgetary allocations of every governmental entity.
Of the three members of the core economic management team, the Secretary of Finance is clearly primus inter pares. Without the revenues collected by the Department of Finance, Neda activities would be ineffectual and the Department of Budget and Management would have nothing to release to the operating units of the government. Thus, the choice of the Secretary of Finance—during the martial law period this official was known as the Minister of Finance, a title held concurrently by the Prime Minister, Cesar Virata—has always been a key appointment for the President to make.
Dr. Ernesto Pernia has come to the Neda with excellent academic and professional credentials. The last position Pernia held was that of Asian Development Bank lead economist. After having taught at the UP School of Economics for a long time, the state university gave him the title of professor emeritus upon his retirement from ADB.
Dr. Benjamin Diokno likewise has excellent academic and professional credentials. Starting out with a degree in public administration, Diokno went on to obtain a doctorate from, and to teach economics at, the state university. His latest position represents a return to the Department of Budget and Management: he headed the department during the Presidency of Joseph Estrada.
But the man of the hour, and the leader of the economic-management triumvirate, is the new Secretary of Finance, Carlos Dominguez III. At the time of the search for a Secretary of Finance, Dominguez had two things going for him: he enjoyed the complete trust of President Duterte, being a Davaoeño and a schoolmate, and he had equally excellent academic and professional (including private-sector) experience. After a stint as Corazon Aquino’s Secretary of Agriculture, Dominguez became president and CEO of Philippine Airlines. Thereafter he became an entrepreneur, mainly in the real estate and tourism industries (including Davao City’s Marco Polo Hotel and Pasig City’s Linden Suites).
Dominguez, Diokno and Pernia. It’s an economic management team. It’s an economic management team possessed of integrity, competence and, most important, good intentions. They need our support and best wishes.