In a recent development in the Philippines, the Department of Finance (DoF) has remained silent regarding the reported appointment of Deputy Speaker and Batangas Sixth District Representative, Ralph Recto, as the new Finance chief. However, Recto’s wife, former congresswoman Vilma Santos-Recto, confirmed the news through a social media post on Thursday. According to her, Recto will be sworn in as the Finance Secretary on Friday, January 12.
The Manila Times reached out to the Finance Department for confirmation, but no official statement has been released thus far. This lack of confirmation has left many curious about the veracity of the news.
If the reports are accurate, Recto will be taking over from the incumbent Finance Secretary, Benjamin Diokno. Diokno, who had been with the Marcos administration for nearly 19 months, will be stepping down from his position. Before his appointment to the DoF, Diokno served as the governor of the Bangko Sentral ng Pilipinas from 2019 to 2022, being succeeded by Felipe Medalla.
Diokno’s academic background is quite impressive. He completed his Bachelor’s Degree in Public Administration from the University of the Philippines in 1968. He then pursued his Master’s Degree in Public Administration in 1970 and Economics in 1974, both from the same university. Diokno furthered his education by obtaining a Master of Arts in Political Economy from the Johns Hopkins University in Baltimore, Maryland, USA, in 1976. He later earned his Ph.D. in Economics from the Maxwell School of Citizenship and Public Affairs at Syracuse University in Syracuse, New York, USA, in 1981.
Prior to his role as Finance Secretary, Diokno also served as the country’s Budget Secretary from 2016 to 2019 under the administration of President Rodrigo Duterte. His expertise and experience in the field of economics have contributed significantly to the country’s financial management and economic policies during his tenure.
As the news of Ralph Recto’s potential appointment as the new Finance chief circulates, it is essential to note that the DoF has yet to officially confirm this information. However, if Recto does assume the position, it will undoubtedly be interesting to see how his background and experience as a Deputy Speaker and Representative of the Batangas Sixth District will shape his approach to the country’s financial matters.
It is worth mentioning that changes in key government positions, such as the Finance Secretary, can have significant implications for the economy and financial markets. The Finance Secretary plays a crucial role in formulating and implementing fiscal policies, managing public funds, and promoting economic growth. Therefore, any transition in this role should be closely monitored by both local and international observers.
In conclusion, the reported appointment of Deputy Speaker Ralph Recto as the new Finance chief in the Philippines has yet to be officially confirmed by the Department of Finance. However, if Recto does assume this position, his background and experience as a Deputy Speaker and Representative will undoubtedly bring a fresh perspective to the country’s financial management. As the transition unfolds, it will be interesting to see how Recto’s leadership and expertise shape the future of the Philippines’ economy.
Source: The Manila Times
