MARGARITO “GARY” B. TEVES

Mr. Margarito B. Teves was appointed Finance Secretary on July 12, 2005.  His professional life boasts of a long and multi-faceted career as a banker, an economist and a lawmaker.  Before assuming the top post of the Department of Finance, Mr. Teves was President and CEO of the Land Bank of the Philippines since September 1, 2000.  The good financial performance of the state-owned bank is credited to his leadership. 

             Mr. Teves’ affiliations include chairmanship of several LBP-affiliated corporations, People’s Credit and Finance Corporation and the Philippine Crop Insurance Corporation.   He is a council member of the National Food Authority and Food Terminal, Inc.  He is also a board member of the Manila Electric Company (Meralco) and PhilEquity Fund, Inc.  

             Before his stint as a banker, Mr. Teves was connected with the economic forecasting agency Think Tank, Inc. where he served as Chairman and CEO from July 1998 to August 2000. 

             His political career started on July 1987 when he was elected as Congressional representative of the 3 the 3^rd District of Negros Oriental.  Mr. Teves, the lawmaker, crafted several laws and bills, including Republic Act 7221 that liberalized the entry and scope of operations of foreign banks in the country, Republic Act 6911 or the Magna Carta for Small Enterprises and Republic Act 8293, an Act amending the Patents, Trademarks and Copyright Laws of the country.  He also authored the law that amended parts of the National Internal Revenue Code, and the law that established the Overseas Investment Fund to provide incentives to overseas workers & reduce foreign debt.

             Mr. Teves also took part in crafting the New Central Bank Act (RA 7653), in creating the Cooperative Development Authority (RA 6939) and the restructuring of the excise tax on petroleum products (RA 8184).

             While in Congress, Mr. Teves became chairman of the Committee on Rural Development and the Committee on Economic Affairs. He also became a member of several Standing and Special committees. After serving three consecutive terms, his tenure in Congress ended on June 1998. 

             His service to civil society involved past presidency of the Philippine Economic Society and member of the Makati Business Club.  He founded the Corporate Planning Society of the Philippines and was also a former trustee of the Philippine Futuristics Society. 

             Mr. Teves took up Bachelor of Arts at the Universidad Central de Madrid, Spain in 1961.  He earned his diploma in Higher Education Diploma in Business Studies in 1965 at the City of London College in England. In 1968, he finished his master’s degree in Development Economics from Williams College, Massachusetts, USA.

PROFESSIONAL EXPERIENCE

CURRENT POSITION

• Secretary, Department of Finance 
• Governor for the Philippines, World Bank Group
• Governor for the Philippines, Asian Development Bank
• Alternate Governor for the Philippines, International Monetary Fund
• Governor for the Philippines, International Fund for Agricultural Development
• Chairman, Land Bank of the Philippines
• Chairman, Philippine Deposit Insurance Corporation
• Chairman, Trade & Investment Development Corporation of the Philippines
• Chairman, Home Guaranty Corporation
• Chairman, National Power Corporation
• Chairman, Power Sector Assets and Liabilities Management Corporation
• Chairman, National Transmission Corporation
• Chairman, NEDA-ICC Committee
• Chairman, Privatization Council
• Co-Chair, Capital Market Development Council-

PREVIOUS POSITION

• President and Chief Executive Officer, Land Bank of the Philippines

(September 1, 2000 – July 15, 2005)

• Chairman, LBP Insurance Brokerage, Inc.
• Chairman, LBP Leasing Corporation
• Chairman, LBP Countryside Development Foundation
• Chairman, LBP Realty Development Corporation
• Chairman, Masaganang Sakahan, Inc.
• Chairman, LBP Financial Services SpA
• Chairman & President, LBP Remittance Co. USA
• Chairman, Management Committee, National Livelihood Support Fund (NLSF)
• Chairman, People’s Credit and Finance Corporation (PCFC)
• Chairman, Philippine Crop Insurance Corporation (PCIC)
• President, APRACA-CENTRAB
• Council Member, National Food Authority
• Council Member, Food Terminal, Inc.
• Member, Board of Directors, Manila Electric Company
• Member, Board of Directors, PhilEquity Fund Inc.
• Member, Asia Pacific Rural and Agricultural Credit Association (APRACA)
• Member, Asean Finance Corporation
• Member, Bankers Association of the Philippine

• Delegate, 1971-72, Constitutional Convention
• Representative, 3^rd District, Negros Oriental (3 terms), July 1987- June 1998, Philippine House of Representatives
• Private Sector Representative, Economic Coordinating Council (ECC)
• Coordinator for the Council of Senior Advisers (CSA) and the private sector (ECC)
• Chairman and Chief Executive Officer, Think Tank, Inc.
• Chairman, Asia Pacific Rural and Agricultural Credit Association (APRACA)
• Commissioner, Preparatory Commission on Constitutional Reforms (PCCR)
• Member, Board of Governors, Philippine Stock Exchange, Inc.
• Member, Eminent Persons Group, Export Development Council
• Resident Manager, Tolong Sugar Milling Co., Inc.
• Member, Board of Directors, Bankers Association of the Philippines
• Member, Board of Directors, Great Pacific Life Assurance Corporation
• Member, Board of Directors, Lifetime Plans Inc.
• Member, Board of Directors, Asean Finance Corporation
• Member, Board of Directors, Ayala Foundation Inc.
• Member, Board of Directors, Solid Bank Corporation
• Member, Board of Directors, Metropolitan Bank and Trust Company Inc.
• Member, Board of Governors, Philippine Stock Exchange Inc.
• Member, Board of Directors, Philippine Economic Society
• Member, Board of Directors, Alsons Cement Corporation
• Member, Eminent Persons Group, Export Development Council
• Member, Board of Directors, Center for Legislative Development Inc.

 

 

MEMBERSHIP IN CONGRESSIONAL COMMITTEES (1987 - 1998)

 

• Chairman, Committee on Rural Development
• Chairman, Committee on Economic Affairs
• Senior Vice-Chairman, Committee on Agriculture & Food
• Member, Standing Committees:

- Appropriations

- Ways & Means

- Economic Affairs

- Banks & Financial Intermediaries

- Government Enterprises

• Member, Special Committees:

- Food Security

- Savings Mobilization

- Export Promotion

- Poverty Alleviation

- Reforestation

 

 

EXECUTIVE LEGISLATIVE COUNCIL MEMBERSHIP (1987- 1998)

 

• Member, Joint Legislative-Executive Development Authority Council (LEDAC)
• Member, Joint Legislative-Executive Agricultural commission (AGRICOM)
• Member, Coordinating Council, Philippine Assistance program 91992)
• Observer, Paris Club and Commercial Bank Negotiations (1991)
• Observer, Philippine Debt Negotiations Panel (1990)

 

MAJOR LEGISLATIVE ACCOMPLISHMENTS

 

PRINCIPAL AUTHOR

 

BANKING & FINANCIAL REFORMS

 

RA 7221

-

Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines

 

CAPITAL MARKET REFORMS

 

RA 8366	-	Investment Houses Law
HB 3228	-	The Revised Investment Company Act (Mutual Funds)

 

ENHANCING FOREIGN INVESTMENTS & INDUSTRIAL COMPETITIVENESS

 

RA 6911	-	Magna Carta for Small Enterprises
RA 7042	-	Promotion of Foreign Investments
RA 8293	-	Intellectual Property Rights – Amending the Patents, Trademark & Copyright Laws of the Country

 

PROVIDING SAFETY NETS & ENHANCING AGRICULTURAL COMPETITIVENESS

 

RA 8179	-	Replacing Quantitative Restrictions on Agricultural Products Except Rice, with Tariffs and Creating the Agricultural Competitive Enhancement Funds
HB 2978	-	Amending the Agri-Agra Law
HB 6894	-	Providing Safeguard Measures for Agricultural & Industrial Products Adversely Affected by Heavy Importation in Compliance with GATT-WTO

 

PROMOTING EMPLOYMENT OPPORTUNITIES & HUMAN RESOURCE DEVELOPMENT

 

RA 7111

-

Establishing the Overseas Investment Fund to Provide Incentives to Overseas Workers & Reduce Foreign Debt

 

TAX REFORMS

 

RA 8240

-

Amending Series 138, 139 & 142 of the National Internal Revenue Code-Restructuring the Tax on Beer, Cigarettes & Distilled Spirits from Ad Valorem to Specific Tax

 

 

PRINCIPAL CO-AUTHOR

 

BANKING & FINANCIAL REFORMS

 

RA 7653

-

The New Central Bank Act

 

 

ENHANCING FOREIGN INVESTMENTS & INDUSTRIAL COMPETITIVENESS

 

RA 7844

-

Export Development Act

 

PROMOTING EMPLOYMENT OPPORTUNITIES & HUMAN RESOURCE DEVELOPMENT

 

RA 7686

-

Instituting the Dual Training System in the Philippines

 

PROVIDING SAFETY NETS & ENHANCING AGRICULTURAL COMPETITIVENESS

 

RA 8434	-	Modernizing and Enhancing the Profitability of the Agricultural & Fisheries Sector
RA 8175	-	Strengthening the Crop Insurance Program
RA 6939	-	Creating the Cooperative Development Authority

 

SOCIAL REFORM

 

RA 8428

-

Institutionalizing the Social Reform and Poverty Alleviation Program, Creating for the Purpose the National Anti-Poverty Commission

 

TAX REFORMS

 

RA 8242	-	Amending the National Internal Revenue Code (The Comprehensive Tax Reform Act of 1997)
RA 8184	-	Restructuring the Excise Tax on Petroleum Products
RA 7919	-	Empowering the BIR Commissioner to Require Payment of the VAT Every Month and Allowing the LGUs to Share in the VAT Revenues

 

 

MEMBERSHIP IN CIVIC ORGANIZATIONS

 

• President, Philippine Economic Society (1994-1995)
• Founder, Corporate Planning Society of the Philippines
• Member, Makati Business Club
• Former Trustee, Philippine Futuristics Society

 

 

EDUCATION

 

• Master of Arts (MA) in Development Economics

Center for Development Economics

Williams College, Massachusetts, USA

1961-1968

 

• Higher National Diploma in Business Studies

(equivalent to Bachelor of Science in Business Economics)

City of London College, London, England

1962-1965

 

• Bachelor of Arts (Units)

Universidad Central de Madrid, Madrid, Spain

1961-1962

 

 

PERSONAL DATA

 

Date of Birth	:	August 1, 1943
Place of Birth	:	Dipolog City, Zamboanga del Norte
Father	:	Herminio “Miniong” G. Teves
Mother	:	Narcisa “Sisay” E. Bustalino (deceased)
Wife	:	Loretto “Nini” Santos
Children	:	Jennifer, Herminio Cirilo, Kathyrine