During the first Inter-regional Conference on Debt Management organized by UNCTAD in December 1997, representatives of the Bureau of the Treasury of the Philippines tabled a proposal for the creation of a professional association of debt managers. A large number of countries supported the proposal and expressed the need for a regular exchange of experiences, know-how and information about debt management at the international level. The idea of an international association gathering debt professionals was born. In response, UNCTAD helped establish the World Association of Debt Management Offices (WADMO) which held its first general assembly on 6 April 2000, and during which the Treasurer of the Philippines was elected President. Currently, Mr. Omar T. Cruz assumes the functions of Treasurer of the Philippines and President of WADMO.