JOSE ISIDRO NAVATO CAMACHO is the first Balanga native who served as Secretary of Energy and, later on, Secretary of Finance of the Philippines.
“Joselito” Camacho was born in Balanga on July 20, 1955. He is the son of Teodoro Q. Camacho Jr. and Leonarda Navato-Camacho. He is a grandson of former Bataan Congressman and Governor Teodoro Camacho Sr.
He finished his high school education at the Don Bosco-Makati in 1972. His talent for academic pursuits had been demonstrated early when he finished in just three years a Bachelor’s degree in A.B. Mathemathics, cum laude, at the De La Salle University in 1975. After graduation, he worked briefly at the Banco Filipino. He took up post-graduate studies and completed a Master’s degree in Business Administration with concentration on Finance at the Harvard Graduate School of Business Administration in the United States in 1979.
Upon his return to the country, he became involved in the banking industry. On his spare time, he was a street parliamentarian and founder and president of “Samahang Manindigan,” annon-government organization advocating good governance.
In 1995, he was employed as Senior Managing Director and Country Head of the Bankers Trust Company of New York. Later on, he accepted the position of Managing Director and Chief Country Officer of the Deutsche Bank AG for the Philippines. From 1999 to 2000, he was the Managing Director and head of the Country Coverage for Investment Banking for the Asian Region of Deutsche Bank AG based in Singapore.
When President Gloria Macapagal Arroyo came to power in 2001, Joselito was initially tapped as Secretary of Energy. Later on, he accepted the Finance portfolio. As head of the department and, at the same time, Governor of the Central Bank of the Philippines, he uncovered several tax evasion cases. To further increase government revenue, he asked delinquent firms to file for reassessment before they are caught and sued for tax evasion. After two years in government service, he resigned from his job and resumed his involvement in the banking industry.
He was recipient of the “Dangal Balangueño” award in Banking and Finance during the administration of Mayor Jose Enrique S. Garcia III.
Joselito is married to Maria Clara “Kim” Acuna-Camacho, also a MBA graduate of Harvard Business School (Economics, cum laude). The couple has six children: Bea, Lorenzo, Carlos, Anuncia, Joaquin and Simon who are all professionals themselves.
Mr. Camacho is a Managing Director of Credit Suisse, based in Singapore. He is the Vice Chairman for Asia Pacific and also the Country CEO for Credit Suisse Singapore.
Mr. Camacho joined Credit Suisse in March 2005 after a distinguished career in government and international banking. He was appointed Secretary of Finance for the Philippines in 2001, a position he held until November 2003. As Secretary of Finance, Mr Camacho led the country’s economic team and supervised the fiscal and financial sectors.
Prior to that, Mr. Camacho was the Secretary of Energy for the Philippines where he was credited with the successful passage of the country’s power sector reform legislation. He was also Chairman of Land Bank of the Philippines, Philippine Deposit Insurance Corporation, Trade Development and Investment Corporation (PhilExim), Home Guaranty Corporation, National Power Corporation (NPC), Power Sector Asset and Liability Management Corporation (PSALM), National Transmission Corporation (Transco), Privatization Council, Capital Market Development Council, and National Credit Council.
Prior to joining the government, Mr. Camacho was a Managing Director and Chief Country Officer for the Philippines at Deutsche Bank, AG in Manila. Before Deutsche Bank, Mr. Camacho worked for Bankers Trust Company for over twenty years in New York, Japan, Hong Kong, Philippines and Singapore. His last position at Bankers Trust was Head of Investment Banking for Southeast Asia. Mr. Camacho became a Managing Director at Bankers Trust in 1990 and obtained Partner status in 1996.
Mr. Camacho is currently a Director of SymAsia Foundation (Singapore), a board member of the National Gallery Singapore, a member of the Securities Industry Council (Singapore), a member of the Capital Markets Advisory Group of the Securities Commission (Malaysia) and a Founding Member of Asia Peace and Reconciliation Council. He is also the Non-Executive Chairman of Sun Life of Canada (Philippines), a board member of Sun Life Malaysia Assurance Berhad and Sun Life Malaysia Takaful Berhad. He was previously a board member of National Heritage Board (Singapore) and a member of the Group of Experts of the ASEAN Capital Markets Forum.