No extra position for new energy chief

There will be no exception to the ban on second jobs for Cabinet men, Malacañang said yesterday.

Presidential Spokesman Renato Corona said newly designated Energy Secretary Lito Camacho will not serve in concurrent capacity as chairman of the Development Bank of the Philippines (DBP), a position he held prior to his appointment to the Cabinet.

"There is no truth to speculations that Mr. Camacho will be allowed to hold an extra post as DBP chairman," Corona said. "In the first place, that is prohibited by the Constitution."

Camacho, a top investment banker, had been the President’s top choice for energy secretary for some time. But because of the low compensation, Camacho politely declined the post and was named DBP chairman last week.

Prior to his stint as the country managing director of the Deutsche Bank, Camacho was connected with Bankers Trust Inc. for 20 years. His last assignment with the firm was as managing investment director for Southeast Asia, including India.

Last week, Mrs. Arroyo banned members of her official family from holding second jobs as board members of government-controlled corporations, financial institutions and sequestered companies.

The prohibition applies to secretaries, undersecretaries and assistant secretaries as well as all other appointees with job titles, including presidential advisers and assistants.

Corona said the prospect of a reduction in income initially discouraged most of the President’s appointees who came from the high-paying private sector.

"But they eventually found consolation in the opportunity to perform public service, and we cannot deny there is prestige and honor to serve in the Cabinet," he said.

He clarified that he himself is not holding two Cabinet positions as concurrent chief of staff of the President.

"Being her spokesman is just a temporary assignment – without additional pay – until such time President Arroyo can find someone for the post," he said.