| BUSINESSWEEK ONLINE : JUNE 14, 1999 ISSUE | ||||||||
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| INTERNATIONAL -- ASIAN COVER STORY
Gabriel C. Singson, Governor, Central Bank, Philippines (int'l edition) FOR THE FIFTH TIME THIS year, Philippine President Joseph Estrada sidled up to his trusted Central Bank Governor Gabriel C. Singson at a recent gathering in Manila and popped the question: Would he please stay on after his term expires in July? But Singson, who has spent 42 of his 70 years serving the Bangko Sentral, plans finally to retire. ''I said: 'I think I have done enough.''' If signs of economic recovery in the Philippines are an indication, that's certainly true. Singson, a jolly ex-lawyer who often carries the Central Bank Charter to meetings in order to enforce it with letter-of-the-law precision, will leave a legacy of stability. His sound policies are credited with putting the country on the road to 2% growth this year after last year's near standstill. By negotiating with the International Monetary Fund, which has had the Philippines on a program for decades, Singson was able to avoid the high interest rate trap that punished the economies of neighboring countries. ''When you have a program with the IMF, you don't have to follow all their prescriptions,'' he says with a wink. Singson may stay on as an adviser to his successor--most likely Rafael Buenaventura, a respected banker with whom Singson currently shares insights twice weekly on the golf course. But any work will be limited to the afternoons: ''After July, maybe I can play golf five times a week. Play in the morning, and work in the afternoon--to make money to pay the golfing fees, of course.'' _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP |
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 The Stars of Asia RELATED ITEMS Gabriel C. Singson, Governor, Central Bank, Philippines (int'l edition) ONLINE ORIGINAL: ``I'm Guided by the Market and Four Decades of Experience'' (int'l edition) INTERACT E-Mail to Business Week Online | |||
