The Philippines President, Gloria Macapagal-Arroyo, revealed the change in the government line-up today at the CLSA Investors' Forum in Hong Kong.

Jose Isidro N. Camacho, will move into the Finance Ministry from the Department of Energy, replacing current Minister, Alberto G. Romulo, who will move to become the Executive Secretary to the President.

Camacho, who is described as a "technocrat" of the Philippines Government was previously country manager, Philippines for Bankers Trust/Deutsche Bank.

His agenda as Finance Minister will be to reduce the fiscal deficit over the next year from the current level of 225 million pesos to between 132-145 million pesos, improve fiscal discipline and simplify the taxation system.