Finance Secretary Margarito B. Teves, a former congressman of three terms, Friday announced that he is not running for senator in next year’s national elections.

“After careful thought and serious consideration, I believe that there are many tasks still to be done at the DoF (Department of Finance), more so now in light of our extremely challenging fiscal situation,” Teves said in a text message to reporters.

“And only recently,” he added, “we have also been given the responsibility of initiating disaster rehabilitation and reconstruction efforts along with the private sector. We believe the party understands this situation and will respect my decision to continue performing my tasks at the DOF.”

Teves was being drafted by his party, Lakas, as an administration senatorial bet. Other reports placed him as a would-be vice-presidential candidate.

He was also, allegedly, being wooed by the Nacionalista Party’s presidential runner, Senator Manuel “Manny” Villar Jr. Teves comes from a powerful political family in Dumaguete. He was appointed DoF chief in 2005 and after some controversial delays he was confirmed two years later. Before his appointment, he was president and CEO of Land Bank of the Philippines.

His political career started in 1987 when he was elected as Representative of the 3rd District of Negros Oriental. The DoF recently announced a budget deficit of P266.1 billion as of October, exceeding the full-year program of P250 billion.

Teves said his job is “stressful enough” and he would not leave his position at this point.