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National treasurer resigns, official says

National treasurer resigns, official says

The Philippine government treasurer has resigned his post for personal reasons, Finance Secretary Margarito Teves said Tuesday.
The resignation of Omar Cruz, who played a crucial role in bringing the country's huge budget deficit under control, will become effective on June 1, he said.
Cruz tendered his resignation "for family reasons." He agreed to stay on for a month to allow the finance department to find a suitable replacement, Teves said in a statement.
Speculation
Emerging from a meeting with the finance secretary, Cruz declined to elaborate on his reason for leaving the government and denied speculations that he quit due differences with other finance department officials.
It also unclear whether Cruz's resignation has something to do with a wider-than-expected first quarter budget deficit blamed on poor revenue collection.
The Philippines posted a 52 billion peso (US$1.1 billion) budget gap in the first quarter, overshooting the target because of poor revenue collection, Teves said Monday.
Debt management strategy
Appointed national treasurer in 2005, Cruz helped with the design of the government's debt management strategy aimed at reducing dependence on foreign borrowings and lowering loan servicing costs.
Cruz, a former Citigroup banker, was hand-picked by former Finance Secretary Cesar Purisima, who was among a number of Cabinet members who resigned in July 2005 in a failed attempt to force President Gloria Macapagal Arroyo to quit over alleged cheating during the 2004 presidential elections.


Updated : 2021-08-04 03:40 GMT+08:00