Businessweek, a reputable business magazine described the 25 individuals as "Stars of Asia" adding that they were at the forefront of change during the difficult times for the region.
"The achievements of this group of policymakers, entrepreneurs, managers, financiers and opinion shapers stand out against the backdrop of difficult conditions," it said. "One more sign that Asia is capable of rising to the occasion, and pushing ahead, even in the face of crisis."
The only Filipino named to the elite list was Bangko Sentral ng Pilipinas (BSP) Governor Rafael B. Buenaventura.
He joins some of the "stars" including Indonesian Finance Minister Moediono, Land & Houses president Anant Asavabhokhin of Thailand, Matlin Patterson Asset Management partner Gustiaman Deru of Hong Kong, Center for Good Corporate Governance executive director Kim Joo Young of South Korea, Samsung Electronic’s Hwang Chang Gyu and LG Electronics‚ Kim Ssang Su, China’s president Hu Jintao
Cezar P. Consing, JP Morgan investment banking head for Asia was quoted has having said that Buenaventura instilled economic discipline in the Philippines at a time when it was experiencing runaway deficit, rampant corruption in the bureaucracy, and a costly military campaign in the southern islands of Mindanao.
"He is the guy who has held it all together," Consing said.
Businessweek, a publication of the world renown McGraw-Hill Companies of New York, said that the BSP chief brought inflation down to the lowest level since the mid-80s (it is hovering between 2.7- to 2.8 percent) and has spurred bank lending to healthy borrowers by trimming interest rates. And despite a deteriorating fiscal deficit, "the central bank has managed to keep the peso relatively steady against the US dollar."
Buenaventura was also cited for making significant strides in improving transparency at the central- and commercial bank levels. "He lead a charge for tough new legislative restrictions on money laundering, enabling the country, known as a notorious haven for illicit funds, to avoid looming sanctions by the international Financial Action Task Force (FATF) looking for terrorist money."
The BSP headhoncho was also credited by the financial publication for the passage of a landmark bill making it easier for banks to write off some of the $20 billion in bad loans.
"That is vitally important because those festering debts and repossessed properties account for about one quarter of all outstanding loans," it stressed.
Another achievement cited was the microcredit programs introduced by the Philippine central bank.
Buenaventura’s support was crucial in winning passage of a law that had discursed $36 million in loans (an average of just $104 per loan) to the country’s poor.
Before taking is current job in 1999, Buenaventura worked for 34 years in the private sector, including almost a quarter-century at Citibank. In 1989, he was named chief executive of the then PCI Bank.
Based on his constitutional mandate, Buenaventura is due to relinquish his post roughly two weeks and two years from today.