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Wednesday, July 13, 2005
Glo makes banker new finance chief
MANILA - President Gloria Arroyo, who is restructuring her Cabinet after a mass walkout, yesterday named Margarito “Gary” Teves as the new finance secretary.
Teves, a banker and former member of the House of Representatives, replaces Cesar Purisima, who was among 10 senior ministers or officials to quit last Friday over allegations of vote-rigging against their boss.
“The new appointee for the department of finance is Secretary Gary Teves,” Arroyo’s chief aide Executive Secretary Eduardo Ermita said on government television.
Arroyo earlier named six new members of the cabinet to replace most of the other officials who quit.
Teves’ most immediate challenge is to persuade the Supreme Court to overturn its suspension of the collection of an expanded value-added tax, the centerpiece of Arroyo’s measures to shore up the government’s shaky fiscal position.
Opposition leaders who had accused Arroyo of stealing last year’s elections persuaded the Supreme Court to issue a writ against the tax law on July 1, alleging that it was unconstitutional. (AFP)
(July 13, 2005 issue)
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