3 February 2017, Manila, Philippines – Finance Secretary Carlos Dominguez III swore into office erstwhile National Treasurer Roberto Tan as the new president of the Philippine Deposit Insurance Corp. (PDIC) making way for the appointment of Rosalia de Leon as the new National Treasurer.
Tan, who was the National Treasurer since 2015, also served in the same Bureau of Treasury (BTr) post from 2008 to 2012 before assuming the position of Executive Director at the World Bank in Washington D.C.. He started at the Finance Department’s International Finance Group (IFG) in 1991, and was later named Assistant Secretary in 1999. He was appointed Undersecretary in 2005 before being named National Treasurer in 2008.
In his stint as Office-in-Charge of the Department of Finance’s International Finance Group (IFG), Tan represented the DOF in several international fund mobilization activities for public sector entities as well as formulated borrowing strategies and appropriate credit enhancements to access least cost financing options for the National Government.
As head of the BTr, Tan spearheaded several landmark transactions, particularly Liability Management transactions designed to reduce funding costs, extend the maturity profile and redenominate foreign exchange liabilities to local currency.
Tan briefly left the DOF in 2012 to serve as Executive Director of the World Bank group that covers the Philippines, Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Suriname, and Trinidad and Tobago.
He has also held various posts in other institutions such as the Asian Development Bank, PCI Bank, Department of Trade and Industry and at the National Economic and Development Authority.
Tan holds a Master in Business Administration degree from the Ateneo de Manila University where he also completed his Bachelor of Arts in Economics. He took up doctoral studies and completed his Master of Arts in Economics at Fordham University in New York.
Before taking her oath of office as the new National Treasurer, De Leon was the Alternate Executive Director for the same World Bank group previously led by Tan. She had previously held the post of National Treasurer from 2013 to 2015.
She was also formerly the chief of staff to the Secretary of Finance from July 2005 to June 2010, and was advisor to the Executive Director of the Asian Development Bank group comprising the constituency of the Philippines, Pakistan, Maldives, Marshall Islands, Mongolia and Kazakhstan.
In her career at the DOF, her extensive experience in mobilizing funds from the international capital markets covered the successful launch of the 1998 ROP Global Bonds in the aftermath of the Asian financial crisis.
De Leon also task-managed the first successful Brady Bond Exchange in 1996 that set a Philippine benchmark in the international debt market.
Also in 1996, De Leon task managed the RP Samurai bonds issue, which marked the country’s return to the Japanese bond market after 20 years.
As Undersecretary and head of the International Finance Group of DOF from September 2010 to January 2012, she was able to steer several landmark transactions and loan compacts including the first successful issuance of long-dated Peso denominated bonds in the Global market in 2010. She also guided the setting up of the Millenium Challenge Account – Philippines following the signing of the compact program with the Millennium Challenge Corporation from the US.
As the concurrent National Treasurer starting 2013, De Leon led the implementation of the Treasury Single Account as part of the Public Financial Management reforms initiated by the government. The TSA made it easier to manage the cash holdings of the National Government thereby improving the efficiency of Treasury operations.
Several milestone Liability Management exercises, both domestic and international, were also launched under her lead that earned accolades for the government’s innovative approach in managing its debt. These cemented the country’s reputation as a sophisticated issuer and confirmed its stature as an Investment Grade borrower.
De Leon also headed the successful hosting of the 45th Asian Development Bank Board of Governor’s Meeting in 2012 and the country’s hosting of the World Economic Forum on East Asia in 2014.
De Leon completed her Bachelor of Arts in Economics degree at the University of the Philippines School of Economics. She has a Master of Arts in Development Economics degree from Williams College in Massachusetts.