Jose Isidro Camacho

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Jose Isidro Camacho
Jose Isidro N. Camacho - World Economic Forum on East Asia 2010.jpg
Jose Isidro Camacho at the World Economic Forum on East Asia in 2010
Philippine Secretary of Finance
In office
June 15, 2001 – November 30, 2003
President Gloria Macapagal-Arroyo
Preceded by Alberto Romulo
Succeeded by Juanita Amatong
Philippine Secretary of Energy
In office
March 1, 2001 – June 15, 2001
President Gloria Macapagal-Arroyo
Preceded by Mario Tiaoqui
Succeeded by Vincent S. Perez
Personal details
Born (1955-07-20) July 20, 1955 (age 61)
Balanga, Bataan
Nationality Filipino
Spouse(s) Ma. Clara "Kim" Acuña
Children Bea, Lorenzo, Carlos, Anuncia, Joaquin and Simon[1]
Residence Singapore
Alma mater De La Salle University, Harvard University

Jose Isidro "Lito" Navato Camacho is a Filipino banker who served as the Philippines' Secretary of Energy and later on as Finance under President Gloria Macapagal Arroyo.

After his short stint in the government, he returned to the private sector, and now serves as Vice-Chairman of Credit Suisse of Asia–Pacific and its Singapore Country Chief Executive Officer; Non-Executive Chairman of Sun Life of Canada (Philippines); director of SymAsia Foundation (Singapore), and member of the board of National Gallery Singapore. He's also a member of the Group of Experts of the ASEAN Capital Markets Forum, Singapore's Securities Industry Council, and the International Advisory Panel of the Securities Commission of Malaysia.[2]

Personal life[edit]

Camacho was born in Balanga, Bataan to Teodoro Camacho, Jr. and Leonarda Navato. His grandfather, Teodoro Camacho, Sr. was congressman and governor of Bataan.[1]

He finished high school Don Bosco Technical Institute in Mandaluyong in 1972,[3] and in 1975 he graduated cum laude with an A.B. Mathematics degree from De La Salle University in Manila. He studied and obtained an MBA with a concentration on Finance from Harvard Graduate School of Business Administration in the United States in 1979.[2]

Professional career[edit]

After college, Camacho worked at Banco Filipino, before he left to pursue graduate studies in the United States. Upon his return to the Philippines, he went back to the banking industry, and in 1995 became Senior Managing Director and Country Head of Bankers Trust New York. Later on, he became Managing Director and Chief Country Officer of Deutsche Bank in the Philippines. From 1999 to 2000, he was Managing Director and chief of Country Coverage for Investment Banking for the Asian Region of Deutsche Bank based in Singapore.[1]

Government service[edit]

Camacho was appointed the Energy Secretary by President Gloria Macapagal Arroyo, when she took to office of the presidency in 2001. Under his watch, the much needed reforms of the country's power sector were passed into laws. [2]

After three months as Energy Secretary, he was appointed as the country's Secretary of Finance, a post he held until his resignation on November 2003, to return to the private sector. Despite not indicating any reason for tendering his irrevocable resignation, the news around the President's policy indifference and her inaction on his recommendations on handling the issues hounding Government Service Insurance System, which included the removal of its president and general manager Winston Garcia, and placing the agency under the Department of Finance was believed to have prompted it.[4] His resignation brought anxieties and uncertainties in the government and caused the peso to plummet against the dollar to a record low.[5] Camacho was recognized for his significant contributions in managing and stabilizing the country's fiscal deficit,[5] and was even acknowledged by several groups of businessmen and investors as one of the best Finance secretaries the Philippines has ever had.[6] The country's Anti-Money Laundering Law (R.A. 9160) was also passed under his tenure.

References[edit]

  1. ^ a b c "Who's Who in Bataan – Jose Isidro Navato Camacho". 1Bataan. Retrieved 2016-04-22. 
  2. ^ a b c "Jose Isidro Camacho". World Economic Forum. Retrieved 2016-04-22. 
  3. ^ "History of DBTC" (PDF). Don Bosco Technical College. Archived from the original (PDF) on 2011-07-16. Retrieved 2016-04-22. 
  4. ^ Napallacan, Jhunnex (2003-11-25). "Garcia: Don't blame me for Camacho's resignation". Philippine Daily Inquirer. Retrieved 2016-04-22. 
  5. ^ a b "Peso dips after Camacho goes". CNN. 2003-11-24. Retrieved 2016-04-22. 
  6. ^ Batino, Clarissa S.; Cabacungan, Gil; Dumlao, Dorris; Torrijos, Elena R. (2003-11-21). "Camacho resigns; peso hits record low". Philippine Daily Inquirer. Retrieved 2016-04-22.