Past
Treasurer of 
the Philippines
  

 



Palacio del Gobernador
Intramuros, Manila
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Past Treasurers of the Philippines 

Baldomero Aguinaldo is the Filipino nation’s first National Treasurer appointed by President Emilio Aguinaldo as Secretary of the Treasury on November 2, 1897. The imposition and collection of taxes became his principal functions. Hence, the history of one of the most important government offices began to unfold.

Hugo Ilagan was appointed as Secretary of the Treasury by President Emilio Aguinaldo on May 8, 1899. His duties were then similar to Aguinaldo’s taxation and national collection. On October 3, 1900, the Philippine Commission headed by William H. Taft created the Bureau of Insular Treasury, tasked to receive and disburse public funds and account for the same. It then also began the supervision of the country’s banks.

Frank A. Branagan was appointed as head of the Treasury in April 16, 1901 until March 31, 1909. Under Section 3 of Act Number 222, the Bureau of Insular Treasury was placed under the executive control of the Department of Finance and Justice. On October 26, 1905, Act No.1407 as amended by Act No. 1679, renamed the Bureau of Insular Treasury to The Bureau of the Treasury and given the additional task of coinage and currency supervision.

John L. Barrett assumed the post in April 19, 1909 until April 9, 1912.

Jeremiah L. Manning became Treasurer of the Philippines in April 12, 1912 until June 11, 1916.

Albert Fitzimmons assumed office in June 12, 1916 until May 31, 1919.

Vicente Carmona, a Filipino, was made Treasurer of the country in June 1, 1919 until December 31, 1926.

Salvador Lagdameo was the head of the Bureau in January 1, 1927 until February 29, 1936. It 1929 they saw the new government arm, The Bureau of Banking, which assumes the supervision of the country’s banks from the Bureau of the Treasury. It was also during his time that the Bonding Law was passed as a provision of the Administrative Code in 1917.

Antonio Ramos was designated as Treasurer in March 6, 1936 until January 23, 1941.

Antonio de Leon was designated as Treasurer in January 24, 1941 until February 1945.

Marciano Guevarra was designated in January 5, 1946 until September 30, 1949. The Republic Act No. 265 of 1949, transferred the functions of coinage and currency printing from the Bureau, then under Marciano Guevarra, to the newly-organized Central Bank of the Philippines.

Sixto B. Ortiz was named the Treasurer in February 28, 1950 until April 10, 1950.

Vicente Gella came to the office in March 16, 1951 until March 24, 1964.

Amable M. Aguiluz was head of the Bureau in October 6, 1964 until November 30, 1965. In 1965, branches of the office were opened throughout the country, by putting a Treasury Field office in every provincial capital.

Ubaldo C. Carbonnel held the bureau’s reins in May 20, 1968 until October 29, 1971. RA 6130 of 1971 authorized the implementation of the Intergrated reorganization plan of the government.

Vicente P. Rodriguez became the head of the Bureau in October 30, 1971 until December 31, 1975. He reorganized the Bureau into three major services namely: Financial and Administrative Service, Cash Operations Service and Public Debt Management.

Gregorio G. Mendoza was Treasurer of the Philippines in January 1, 1976 until May 8, 1981. He established thirteen (13) Regional Offices to coordinate the provincial offices.

Victor C. Macalincag became the Treasurer of the Philippines in August 3, 1981 until January 26, 1988. He kept the post even after a reorganization of the bureau under the Aquino administration in 1986. It was also during this time that the presidency vested the Bureau with enlisted mandates under EO 127: a) formulating the nation’s policies on financial management, public borrowing and capital market development; b) preparing annual projections of revenues, expenditures, cash position and borrowings in coordination with the National Economic Development Authority, the Department of Budget and Management and the Bangko Sentral ng Pilipinas; c) managing the financial assets and controlling the liabilities of the national government, and; d) maintaining the books of accounts of all the financial transactions of the national government.

Rosalina S. Cajucom assumed office in January 27, 1988 until June 30, 1992.

Caridad Valdehuesa became the 20th Treasurer of the Philippines in June 16, 1993 which commenced her dynamic and innovative leadership in the Bureau. Several strategic innovations and changes were achieved by the Bureau under her supervision. These are the daily monitoring of revenue collections; Btr’s purchases of Brady Bonds during Mexico’s recent financial crisis led to a significant reduction in the country’s external debts; the issue, service and redemption of Government securities transferred from BSP to DOF which was assumed by the Bureau in November 20, 1995 per RA 7653; she has broadened the base of eligible government security dealers from the previous 24 dealers to now 45 dealers which enhances competition and their bid rates at the primary market; the decentralization of the bonding application and approval functions of the Bureau in all its regional and provincial offices wherein the revised premium rates resulted in increased BTr income; enhanced the quality of manpower trained and developed thru foreign and domestic seminars and skill development gatherings; founded the Association of Women in Treasury (AWIT) to empower women toward equal work opportunities and great self-help.

Prof. Leonor M. Briones served as Treasurer of the Philippines from August 1998 to January 19, 2001. Her two-and-a half years stint with the Bureau of the Treasury is marked with consistent overperformance. In 1998, the Bureau generated P22.53 billion, which almost doubled its target of P11.204 billion. In 1999, its income reached P26.180 billion or a hefty excess of P3.783 billion over its target. Her flagship project is the Small Investors Program, the main thrust of which is democratization of government securities and empowerment of the small savers. It aims to sell small denominated government securities to small savers or the "ordinary man on the street." Launched in November 1998 with total SIP placement for the year amounting to P8.700 million, total SIP investments for treasury bills reached P694.205 million with 2,598 accounts opened and 8,389 transactions when she left the Bureau. As Vice-Chairman of the auction committee, Prof. Briones played a vital role in lowering the interest rate. In 1998 the rate of the 91-day treasury bills, which is used as benchmark by banks and other lending institutions in transacting business, averaged only 14.99% notwithstanding the financial crisis that greatly affected the economies of most Asian countries. The national government was able to generate savings in interest payments by as much as P7.896 billion for the year. In 1999 the average 91-day t-bill rate even went lower to 9.98%, which is also lower than the projected rate of 10.50% for that year. This translated to P351 million savings in interest payments for the government. Other performance highlights of the Bureau during her term include: conduct of various training programs and Special Academic Program to give chance to employees to complete their undergraduate course; improved Information Systems; intensive campaign for collection of unclaimed balances which resulted in the collection of P20.568 million; preparation for the reconstruction of the Ayuntamiento Building; establishment of the BTR Provident Fund; expansion of the BTR Library; revival of the National Treasury Employees' Union (NATREU); and the expansion of Association of Women in Treasury (AWIT) membership.

Eduardo Sergio Gonzales Edeza assumed office as the 22nd Treasurer of the Philippines on February 16, 2001 to February 16, 2004.

Mina C. Figueroa assumed office as the 23rd Treasurer of the Philippines on February 18, 2004 to October 15, 2004.

Norma L. Lasala assumed office as the 24th Treasurer of the Philippines on November 16, 2004 to February 28, 2005.

 
                
BTr - 2003
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