Ep. 86: Compassion, with Cesar Purisima

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Ep. 86: Compassion, with Cesar Purisima

Author(s)
Michael Milken
Michael Milken
Chairman, Milken Institute

Episode 86 : Compassion, with Cesar Purisima

Cesar Purisima

Founding Partner, IKHLAS Capital; Former Secretary of Finance, Republic of the Philippines

“More people will move to poverty as a result of the pandemic. And the estimate is at least half a billion to a billion people....I think that might push back a little bit the shift to a greener economy. And this is where I hope that the private sector can step up because this is not just a government responsibility. It is the biggest public private partnership there is, that we need to get together.”

As the former Secretary of Finance for the Republic of the Philippines under two Presidents, Cesar Purisima is widely credited with turning the Philippine economy around and restoring investor confidence. His stewardship vastly increased government revenues, and set new records for investments in education, healthcare, and infrastructure. As a Founding Partner of IKHLAS Capital, he now extends his compassion to the member states of the Association of Southeast Asian Nations (ASEAN).

“A lot of people are really suffering,” he tells Mike on the podcast. “Unlike the global financial crisis that hit the financial markets first, this really hit the countries from the ground up. And therefore, the ones who really suffered are those in the bottom of the pyramid. And the challenge for finance ministers, central banks is to come up with interventions that will not only hit the top, but really hit the bottom to find a more compassionate way to able to deal with this crisis.”

Published July 24, 2020