MANILA, Philippines: Outgoing Finance Secretary Benjamin Diokno is confident that he will be turning over his seat to his successor. House of Representatives’ Deputy Speaker Ralph Recto, ” at a time when the Philippine economy, in general, and the DoF (Department of Finance), in particular, are in a better state of affairs than when I inherited them.”
Malacanang, the official residence of the President of the Philippines, announced late Thursday night that President Ferdinand Marcos Jr. appointed Ralph Recto as the new chief of the Department of Finance (DoF), ending weeks of speculation about Diokno’s exit. While the reason for Diokno’s departure remains unclear, the appointment of Recto signifies a new chapter for the DoF.
Earlier on Thursday, Recto’s wife, actress and former congresswoman Vilma Santos-Recto, took to social media to announce her husband’s new role as the head of the Finance portfolio. She expressed confidence in his abilities, stating that he would make a “good economic manager.” This announcement created anticipation and speculation until the official statement was released by the Palace.
Diokno’s tenure as Finance Secretary has been praised by officials within the department. They affirm that the transition to the incoming finance chief will be on “solid footing.” Diokno’s leadership has been instrumental in formulating the Philippines’ inaugural Medium-Term Fiscal Framework (MTFF) during the initial months of the Marcos Jr. administration.
The appointment of Ralph Recto comes at a time when the Philippine economy is in a better state compared to when Diokno took office. This indicates a positive trajectory for the Department of Finance and the overall economic landscape of the country.
With Recto’s experience as the Deputy Speaker of the House of Representatives, he brings a wealth of knowledge and understanding of the legislative process to his new role. This will be valuable in navigating the financial landscape and implementing policies that will further strengthen the Philippine economy.
As the Philippines continues to position itself as a key player in the global economy, the appointment of a capable and experienced finance chief is crucial. Recto’s appointment signals stability and continuity in the management of the country’s finances.
It is worth noting that the transition from one finance secretary to another is a significant event that can impact the direction of the country’s economic policies. The incoming finance chief will have the responsibility of building upon the foundation laid by Diokno and steering the Philippines towards sustained economic growth.
While the reason for Diokno’s departure remains unknown, it is important to focus on the future and the potential opportunities that lie ahead. The DoF plays a pivotal role in shaping the economic landscape of the Philippines, and with the appointment of Ralph Recto, there is optimism for continued progress.
As the Philippines embraces new leadership in the Department of Finance, it is essential to support and provide a conducive environment for the incoming finance chief to succeed. This includes ensuring a smooth transition, providing necessary resources, and fostering collaboration between various stakeholders.
The appointment of Ralph Recto as the new chief of the Department of Finance marks an important milestone in the country’s economic journey. With the right leadership and strategic decision-making, the Philippines can continue to thrive and make significant contributions to the global economy.
In conclusion, the transition from outgoing Finance Secretary Benjamin Diokno to incoming chief Ralph Recto is expected to be seamless. Diokno’s accomplishments during his tenure have laid a solid foundation for Recto to build upon. With Recto’s experience and the positive state of the Philippine economy, there is optimism for continued progress and economic growth under his leadership.
Source: The Manila Times
