He was appointed to the position in July 2005 by President Gloria Macapagal-Arroyo, following a mass resignation of her economic team. In January 2009 he was named "Best Finance Minister" in Asia, a title given by London-based international finance magazine, The Banker. Congressman
Teves was born in Barangay Sangkol, Dipolog City, Zamboanga del Norte Province.
He was elected congressman representing the 3rd district of Negros Oriental from 1987 to 1998. Following his three terms in office—the maximum number allowed by the constitution—he was succeeded by his father, Herminio Teves. Secretary of Finance
Teves was appointed as Secretary of the Department of Finance in July 2005 by President Gloria Macapagal-Arroyo, following a mass resignation of her economic team.
As Finance Secretary, he oversaw the Arroyo administration's aggressive attempts to decrease the government's budget deficit.