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Saturday, November 22, 2003
Traders lament Camacho’s leaving
By Cherry T. Lim
LOCAL businessmen reacted with dismay to the news that Finance Secretary Jose Isidro Camacho had resigned from government, saying it would set the Philippines back economically.
“Sayang kaayo (what a waste),” said Philippine Chamber of Commerce and Industry Regional Gov. Jose Ng on hearing the news. “It’s a great loss to our government to lose a person who is honest and very dedicated.”
In a press conference yesterday, Camacho said his resignation would be effective Nov. 30.
Ng said the confidence of the business sector would be shaken because of the caliber of the person resigning as well as the mystery surrounding his sudden departure.
Camacho did not specify his reasons for resigning, citing only “frustration.”
“People will wonder why and ask, is there something wrong in the government?” the business leader said.
He added it will take time to restore confidence as people will need to first see how the new secretary of finance will do.
Edeza
In the press conference, National Treasurer Sergio Edeza said he would also resign, but stay on until the end of the year.
“It is not good because these are trusted people not only in the Philippines, but outside also,” said Philexport-Cebu president Allan Suarez.
“Atras na naman tayo (this is another setback). It also says it’s very difficult to talk among themselves (in government). There’s too much politics and no work again,” he said.
Suarez said the “infighting” would distract from the country’s efforts to improve the export industry.
“I’m sad that he’s leaving the government. I have the highest regard for his technical capabilities and his experience in global finance,” said the head of a large business group in Cebu.
The markets agreed. The peso closed weaker at 55.585 to the dollar from Thursday’s 55.29.
(November 22, 2003 issue)
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