GMA: RP fiscal policy won’t change despite resignation of national treasurer

There would be no change in the government’s monetary and fiscal policies despite negative market reactions as well as warnings from the international financial community over the repercussions of the sudden resignation of a key finance official, President Arroyo said yesterday.

"There will be no change in policy and the country is committed to fiscal prudence and sound management," Mrs. Arroyo said in a statement following the resignation of National Treasurer Omar Cruz.

"We remain committed to proactive debt management and continued development of the domestic debt and capital markets," she said.

In accepting Cruz’s resignation, the President thanked him "for his exemplary service and contribution and wishes him well in his future endeavors."

Executive Secretary Eduardo Ermita said Mrs. Arroyo is already scouting for Cruz’s replacement even as he conceded that policy differences could have prompted the resignation of the highly-regarded official.

"If there are those differences, they may come out in the future. But I’m very sure that (Finance) Secretary (Gary) Teves should be able to explain these later on and for that matter, even the Governor of the BSP, if indeed there are differences among them but at the moment, I do not wish to lay claim to any knowledge of such differences," Ermita said.

Cruz is the fifth treasurer to leave under the Arroyo administration.

Ermita said the people and sectors concerned should respect Cruz’s reason for resigning.

"All I can say is we just have to look for someone who can stay on and really help out in our economic policies. But I think it should not be taken to mean that there is something wrong with our economic policies," he said. – Paolo Romero