The Department of Finance (DOF) welcomed the naming of Carlos Dominguez as the agency’s next secretary, with incumbent Secretary Cesar Purisima personally ensuring that a smooth transition of power will take place so that President-elect Rodrigo Duterte’s finance team will hit the ground running.
“Mr. Dominguez is an esteemed businessman and public servant with a lengthy record of excellence,” Purisima said in a statement, adding that he had already congratulated him on the phone the day before they held a meeting on May 20 to begin the transition process.
Purisima said there are three important things a finance secretary needs to possess to carry out his duties effectively. These are “having the ear of the President—having the stomach to stand firm in advising him soundly even in the face of opposing political tides, having an understanding of government and an appreciation for good governance, and lastly, having an understanding of how business works and the economic landscape you’ll be navigating.”
“Mr. Dominguez has all three,” the Cabinet official pointed out.
He added he is confident that when he passes the reins of the DOF to Dominguez, “the economic team will be ready to sustain and improve on our gains from the past 6 years with even-keeled leadership from a Secretary Dominguez after the noon of June 30. We extend our best wishes of success and look forward to officially passing the baton on June 30.”
Dominguez had served as member of the Cabinets of former Presidents Corazon Aquino and Fidel Ramos. He is the CEO and president of PTFC Redevelopment Corp, and has been with several companies, including Retail Specialists Inc., Redrying Corp, Baesa Redevelopment Corp, Halifax Capital Resources Inc., C.G. Dominguez and Associates Inc., Huntly Corp, BPI Agricultural Development Bank, Linden Suites, Inc., and Philippine Airlines.
The DOF is preparing a transition document detailing the state of progress across the agency’s various clusters and results areas, including revenue, liability management, privatization, government-owned and -controlled corporations, and corporate affairs. The transition document will serve to keep the new leadership abreast of where things are with the DOF’s priorities and projects.
The DOF Manual of Institutional Knowledge is another document Purisima is keen to pass on to Dominguez and his team. To be completed by the end of June, it will contain four volumes of documented learnings in the DOF over the past six years of the Aquino administration—best practices from the DOF Institute, learnings on what could have gone better, and recommendations moving forward. The manual also codifies 200 processes and approval protocols, with templates of completed staff work and style guides.
Following a rationalization process on the DOF’s issuances including 4,300 department orders since 1958, the DOF will also pass on a simplified body of issuances for improved institutional coherence and ease of enforcement.
The DOF is likewise completing upgrades and renovation works on the fifth and sixth floors as well as the roof deck, to afford the new team an enhanced working environment.
