Former president and Pampanga 2nd District Rep. Gloria Macapagal Arroyo expressed her pride in the appointment of former deputy speaker and Batangas Rep. Ralph Recto as the secretary of Finance. Arroyo, who previously worked closely with Recto during her administration, highlighted his contributions to fiscal reform legislation and his dedication to the country’s economic well-being.
Arroyo praised Recto’s role as her Socioeconomic Planning secretary and director-general of the National Economic and Development Authority (NEDA). She emphasized that Recto played a pivotal role in the formulation of fiscal reform legislation, including the implementation of new taxes as a long-term solution to address the country’s fiscal challenges.
During her statement issued late Friday night, Arroyo acknowledged that raising taxes is never a popular decision. She commended Recto and former Tarlac Rep. Jesli Aquino Lapus for their unwavering commitment to the legislation, despite facing opposition and criticism. According to Arroyo, Recto and Lapus were her “heroes” in developing the tax-raising measures.
Arroyo specifically mentioned the Reformed Value Added Tax Law, which increased the sales tax from 10 percent to 12 percent. This law, though unpopular, aimed to stabilize the country’s economic health. However, the unpopularity of the law had repercussions for Recto, as it cost him the 2007 senatorial election.
Drawing inspiration from former US president John F. Kennedy’s book “Profiles in Courage,” Arroyo highlighted Recto’s courage and determination to do what he believed was right, even if it went against popular opinion. She emphasized that Recto’s reforms played a crucial role in safeguarding the Philippines from the 2008 global recession triggered by the US subprime mortgage crisis.
Arroyo expressed her confidence in Recto’s ability to utilize his proven political will to make sound decisions as the Secretary of Finance. She believes that his appointment will further contribute to the country’s economic stability and growth.
Contextualization:
For an international audience, it is important to provide some context regarding the political landscape and the significance of the positions mentioned. Gloria Macapagal Arroyo served as the president of the Philippines from 2001 to 2010. The Pampanga 2nd District and Batangas are regions within the Philippines, and the titles “deputy speaker” and “Secretary of Finance” are prominent positions within the Philippine government.
Additionally, it is worth noting that the Philippines, like many countries, faces fiscal challenges. The implementation of tax reforms and the appointment of key individuals, such as the Secretary of Finance, are crucial in addressing these challenges and ensuring economic stability.
Commentary:
Arroyo’s commendation of Ralph Recto’s appointment sheds light on his significant contributions to fiscal reform during her administration. By emphasizing Recto’s role in developing legislation and his dedication to the country’s economic well-being, Arroyo highlights his expertise and commitment to public service.
The mention of the Reformed Value Added Tax Law showcases Recto’s willingness to make difficult decisions for the greater good, even if they are unpopular. Arroyo’s reference to the global recession in 2008 further emphasizes the importance of Recto’s reforms in protecting the Philippines from the economic downturn.
Arroyo’s confidence in Recto’s abilities as the Secretary of Finance reflects her belief in his leadership and political will. This appointment signifies the government’s commitment to addressing fiscal challenges and promoting economic stability.
In conclusion, former President Arroyo’s commendation of Ralph Recto’s appointment as Secretary of Finance highlights his significant contributions to fiscal reform and his dedication to the country’s economic well-being. Arroyo’s insights provide valuable context and commentary on Recto’s role in addressing the Philippines’ fiscal challenges and his ability to make sound decisions in his new position.
Source: The Manila Times
