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PH best in debt mgm’t in East Asia, Pacific

Top financial magazine Global Finance and Global Markets recognized the Philippines and its economic managers in awards handed out in Washington, D.C., the Department of Foreign Affairs said Tuesday.

Global Markets cited the Philippines as the best sovereign debt management office in East Asia and the Pacific.

“When the government of the Philippines announces a non-deal road show, investors come to listen. When the sovereign issues debt, they buy,” wrote the magazine in describing its decision to give the award to the Philippines.

The magazine noted how the Philippines was able to build up a “formidable reputation” among global investors as a reliable issuer of sovereign bonds.

In turn, the ability of the Philippines to raise capital in the bond market allows it to equally provide for social security and enhance economic growth.

The award was received by Jose Victor V. Chan-Gonzaga, Minister for Economic Affairs at the Philippine Embassy in Washington D.C., on behalf of the Department of Finance.
   
In a ceremony at the National Press Club, the prestigious Global Finance magazine gave Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. his eighth Best Central Banker Award.
   
Tetangco was one of only eight central bankers around the world who got a grade of “A” from Global Finance in its Central Bankers Report Cards 2016.
   
The Report Cards are published every year and are an assessment of the central bank governors of key countries. Graded on an “A” to “F” scale, the central bankers are graded in areas such as inflation control, economic growth goals, currency stability and interest rate management.
   
Aside from Tetangco, also rated “A” were the central bank heads of Israel, Lebanon, Paraguay, Peru, Russia, Chinese Taipei, and the United Kingdom.
   
Global Markets also honored former Secretary of Finance Cesar V. Purisima as Finance Minister of the Year for East Asia and Pacific at its annual awards reception held on Oct. 8.
   
Global Markets recognized him for “overseeing six solid years of improved finances in the Philippines and presiding over the fastest growth in the area.”
   
In accepting the award on behalf of Purisima, Minister Chan-Gonzaga noted how the work of the last six years under Purisima’s leadership have laid down the foundations for ensuring that the Philippines, under President Rodrigo Duterte, will continue to be a vibrant and dynamic economy in East Asia and the Pacific for many more years to come.
   
“I am sure that Secretary Purisima accepts this award not only on his personal behalf but also on behalf of all the men and women in the Philippine economic team who worked hard with him in the last six years,” added Chan-Gonzaga.
   
“The Philippines welcomes these awards from Global Finance and Global Markets, which are important voices in the international financial community. We are confident that with our strong macroeconomic fundamentals and financial stability, the economy will continue to grow and expand, with a view to meeting our objective of sustainable and inclusive growth,” said Minister Patrick A. Chuasoto, Chargé d’Affaires ad interim of the Philippine Embassy, in a statement.
   
The Global Finance and Global Markets Award Ceremonies took place on the sidelines of the Annual Meeting of the World Bank Group and the International Monetary Fund in Washington, D.C. on from Oct. 5 to 9.