Former president and Pampanga 2nd District Rep. Gloria Macapagal Arroyo expressed her delight at the appointment of former senator, Deputy Speaker of the House of Representatives, and Batangas Rep. Ralph Recto as the new Secretary of Finance. Arroyo, who served as the president during Recto’s tenure as socioeconomic planning secretary and director-general of the National Economic and Development Authority (NEDA), proudly mentioned that Recto was handpicked by President Ferdinand Marcos Jr. for this crucial role.
Arroyo highlighted Recto’s significant contributions to fiscal reform legislation during his time as a senator. She acknowledged that advocating for tax reforms is never an easy task, as people generally dislike taxes. However, Recto remained steadfast in his commitment to these reforms, despite facing opposition and criticism. Arroyo commended Recto and Tarlac Rep. Jesli Aquino Lapus for their unwavering support.
One of the notable reforms Recto championed was the Reformed Value Added Tax Law, which increased the sales tax from 10 percent to 12 percent. This decision was met with strong opposition from the Filipino population and ultimately cost Recto the 2007 senatorial election. However, Arroyo emphasized that these reforms played a crucial role in restoring the country’s economic health and preventing a recession during the 2008 worldwide crash caused by the US subprime mortgage crisis. She expressed confidence that Recto’s proven political will would guide him in making the right decisions for the country’s economic well-being.
Recto’s party, the Nacionalista Party, also lauded his appointment as Finance Secretary, viewing it as a testament to the Marcos administration’s commitment to the country’s economic recovery. Party spokesman and Las Piñas Rep. Camille Villar praised Recto’s expertise in numbers and arithmetic, highlighting his ability to turn mathematical concepts into tangible realities.
Albay 2nd District Rep. Jose Maria Clemente “Joey” Salceda outlined key areas that Recto should prioritize in his new role. Salceda emphasized the need to enact the digital services goods tax, reform the de minimis threshold for imports, and ensure the tax compliance of e-commerce platforms. As an economist, Salceda expressed his willingness to work closely with Recto, as he has done with previous Finance Secretaries.
Former senator Antonio Trillanes 4th and NEDA chief Arsenio Balisacan also welcomed Recto’s appointment, recognizing his expertise and experience in economic matters. Trillanes, who considered Recto his mentor on economic issues during their time in the Senate, congratulated Recto on his well-deserved appointment. Balisacan, in a Facebook post, shared a group photo of Marcos’ economic team, which included Recto, expressing NEDA’s eagerness to collaborate with the Secretary of Finance and the rest of the Cabinet to achieve President Marcos’ vision of sustained economic growth for the Filipino people.
In conclusion, the appointment of Ralph Recto as Secretary of Finance has garnered positive responses from various political figures and experts in the field. Recto’s track record in fiscal reform legislation and his commitment to the country’s economic well-being make him a suitable candidate for this important role. With the support of key stakeholders, Recto is poised to make significant contributions to the country’s economic recovery and growth.
Source: The Manila Times
