BSP's fomer governor Rafael Buenaventura dies

Rafael Buenaventura, former governor of the Bangko Sentral ng Pilipinas, died of cancer on Thursday at the Asian Hospital after falling into a coma. He was 68. His wife Marivic Rufino, an artist, was with him when he died. Buenaventura, who was fondly called "Paeng" in the media and business circles, has been rated as one of the best central bank chiefs who had served the country. "He was one of the best bosses I ever had. He made it easy for me to shift from the private sector to the public sector," said SM Investments investor relations head Corazon Guidote, who once headed the Republic's Investor Relations Office. "He ran the BSP like a private corporation. He even set up a corporate planning office and investor relations office which I headed. He left a legacy at the BSP -- professionalism. He globalized BSP standards." Former Finance Secretary Jose Isidro Camacho described Buenaventura as a "steady man" who worked hard to improve the economy's image. "I certainly benefited from his friendship and partnership when we worked together. He provided stability to the Philippine financial markets. And he gave credibility to our monetary policies because he was a well-respected banker," Camacho said in an interview. Rated-A Buenaventura, who was born to a middle class family in San Fernando, La Union, on August 5, 1938, served as BSP governor from 1999 to 2005. He served under two Philippine presidents during one of the most tumultuous political transitions in the country's history. In the middle of his term under the government of then Philippine President Joseph Estrada, a popular uprising unseated the charismatic president, catapulting then Vice-President Gloria Macapagal Arroyo to power. Because of this, Buenaventura was left vulnerable to calls for his resignation in favor of an Arroyo-appointed governor. He stayed on, however, eventually seeing the passage of the Special Purposes Vehicles Act, a law that was instrumental in lowering the bad loan percentage of the banking industry. Buenaventura was twice named among the world's best central bankers (2002 and 2003) by New York-based magazine Global Finance. He was also awarded "Central Bank Governor of the Year for the Asian Region" by The Banker, a sister publication of the Financial Times. The Presidential Palace called him "a widely-admired architect of the country's monetary fundamentals and banking policies." "In his years at the BSP, he navigated through multiple crises while building the business confidence now buoying the economy and the markets," said Cabinet Secretary Ricardo Saludo. Savvy, witty Business reporters remember Buenaventura for his beautiful Barongs, crisp business suits, and lovely sense of humor. He also pioneered the announcement of important policies via text messaging. Financial journalists eagerly awaited his text messages of "no change," which meant that the Monetary Board was keeping its benchmark interest rates steady. Buenaventura was educated in the Jesuit-run Ateneo de Manila, where he completed his secondary education. It was at the Ateneo that Buenaventura met a certain Joseph Ejercito, who would later become a popular actor and the country's 13th president. After completing his high school education, Buenaventura studied at the Colegio De La Salle (later De La Salle University), where he received a bachelor's degree in commerce. He went on to complete a master’s degree in business administration at the Stern School of Business of the New York University in the United States. Upon graduation, Buenaventura secured a management trainee position at Citibank's operations in Manila. By 1974, Buenaventura had been appointed Citibank Chief Executive in Indonesia. Two years later, in 1976, he was assigned to head the bank’s Malaysian operations, also as Chief Executive. He would hold this position until 1979, at which time he was given the post of Senior Vice President and Regional Treasurer in Hong Kong After his long stint at the Citibank, Buenaventura was tapped by the Gokongwei group, headed by taipan John Gokongwei, to head the Philippine Commercial Industrial Bank (PCIB), where he served as president and chief executive officer for ten years from 1989. On July 6, 1999, Buenaventura took over as BSP governor upon the invitation of his former classmate Joseph Estrada who was then Philippine President. - GMANews.TV