President Ferdinand Marcos Jr. expressed confidence in the abilities of Ralph Recto, the newly appointed Finance Secretary, to contribute significantly to the government’s development targets. In a ceremony held at Malacañang on Friday, Recto was sworn in alongside Frederick Go, who assumed the role of Special Assistant to the President for Investment and Economic Affairs. Recto takes over from Benjamin Diokno, who has transitioned to the position of head of the Monetary Board at the Bangko Sentral ng Pilipinas.
Diokno, in a statement, expressed his pride in leaving his post at a time when the Philippine economy, as well as the Department of Finance (DoF), is in a better state than when he assumed the role. Following the oath-taking ceremony, President Marcos highlighted that Recto and Go embody the values of competence, integrity, and a deep sense of responsibility that the government seeks in its leaders.
President Marcos emphasized that Recto’s role would extend beyond facilitating ease in tax payment to ensuring efficient and effective utilization of tax collections. He further stated that Recto would work towards devising strategies to address inflation, including plugging supply gaps and implementing nonmonetary measures to stabilize prices.
The President also assigned Recto the task of leading the government’s anti-smuggling campaign and pursuing tax evaders, particularly habitual offenders who have turned tax evasion into a lucrative business. President Marcos initially intended to invite Diokno to join the Maharlika Investment Fund, but Diokno declined, citing it as not being his area of expertise. Consequently, Diokno opted to return to his financial duties at the Monetary Board.
Commending Diokno’s contributions, President Marcos acknowledged that Diokno had initially planned to retire in the middle of the previous year. However, due to the urgent need to steer the economy and policies in the right direction, Diokno continued as the Secretary of Finance and accomplished an exemplary job.
Under Diokno’s leadership, the government’s economic team formulated the Philippines’ inaugural Medium-Term Fiscal Framework (MTFF) during the early months of the Marcos administration. Budget Secretary Amenah Pangandaman lauded Diokno as the guiding light of the Philippine Economic Team.
Recto’s appointment as Finance Secretary was welcomed by his former colleagues in the Senate and the House of Representatives. Senate President Juan Miguel “Migz” Zubiri, who also chairs the Commission on Appointments, praised Recto as a resident numbers genius who possesses the ability to comprehend the implications of numerical data in the context of the nation’s concrete realities.
Senator Juan Edgardo “Sonny” Angara, the Chair of the Committee on Finance, attested to Recto’s political acumen and intellectual abilities, having served alongside him in the Senate. Senator Sherwin Gatchalian expressed confidence in Recto’s extensive experience in finance and economic policy, believing that he will effectively implement reforms in the country’s tax system. Senator Mary Grace Poe highlighted Recto’s assertiveness, boldness, and expertise, which will guide the Department of Finance towards a progressive path. Senator Francis “Chiz” Escudero welcomed Recto as a capable addition to the President’s Cabinet, ensuring the continued sustenance of economic growth.
In conclusion, President Marcos Jr. has shown confidence in the newly appointed Finance Secretary, Ralph Recto, to contribute to the government’s development targets. Recto’s colleagues in the Senate and the House of Representatives have also expressed optimism about his capabilities and expertise in finance and economic policy. As the new Finance Secretary, Recto will play a crucial role in promoting ease in tax payment, ensuring efficient utilization of tax collections, and implementing strategies to address inflation and combat smuggling and tax evasion.
Source: The Manila Times
