What Bureau of Treasury says about Professor Briones

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.

Source: Past Treasurers of the Philippines. (2003). Available at: http://www.treasury.gov.ph/btrorg/pasttop.html.

Editor's note: This article was sent in to the Facebook Page of the Diliman Diary by the Facebook page of Prof. Leonor M. Briones for UP President last October 22, 2010. In view of continued reader interest in all available information about all the nominees for U.P. President we are posting this in this weblog. We continue to encourage our readers to send in their comments, thoughts and material about all issues to this weblog at: http://diliman-diary.blogspot.com/ or http://dilimandiary.com/ or to our Facebook page.