Confirmation of Ralph Recto as Finance Secretary
The Commission on Appointments’ Committee on Finance has confirmed the appointment of former lawmaker Ralph Recto as the Finance Secretary in Manila, Philippines. Recto, who was highly regarded by his former colleagues in the Senate as their “resident economist,” faced no objections from committee members.
Recto’s Background and Role
Ralph Recto previously served as the Batangas Representative before being appointed by President Ferdinand Marcos Jr. to lead the Department of Finance (DOF). In his opening statement, Recto emphasized that his job description is not only written in law but also dictated by economic conditions, shaped by the people’s needs, and directed by the nation’s development plan.
Promoting Inclusive Growth and Fiscal Reforms
Recto expressed his commitment to promoting growth that benefits all citizens, improves their lives, and secures the future for generations to come. He highlighted the importance of being guided by the laws passed by Congress, where he spent 29 years forging fiscal and economic reforms that the nation desperately needed.
Despite facing criticism for defecting to the other side, Recto reiterated his belief in the adage that “the art in collecting taxes is to pluck the largest amount of feathers from a goose with the smallest possible amount of hissing.” He assured that the revenue measures proposed by the DOF comply with this principle, aiming to maximize gains, minimize pain, and promote fairness and fiscal consolidation.
Collaboration for Efficient Fiscal Resource Mobilization
Recto acknowledged that tax proposals are often met with restraint rather than immediate ratification. However, he expressed confidence in developing strategies together to efficiently mobilize fiscal resources, prevent leakages, and finance growth, manage debt, and protect the people during these challenging times.
As the newly appointed Finance Secretary, Ralph Recto brings his extensive experience and expertise to lead the Department of Finance. His confirmation by the Committee on Finance reflects the trust and confidence placed in him by his colleagues. With a focus on inclusive growth and fiscal reforms, Recto aims to navigate the economic landscape to ensure the welfare and prosperity of the Filipino people.
Source: The Manila Times