Malacañang has confirmed that Rep. Ralph Recto will be taking his oath as the secretary of the Department of Finance on Friday, January 12, 2024. In addition, President Ferdinand Marcos Jr. will also swear in Frederick Go, his Special Assistant for Investment and Economic Affairs. This announcement was made by Presidential Communications Office Secretary Cheloy Garafil in a text message to reporters.
Recto will be replacing Benjamin Diokno, who assumed the top Finance post in 2022. The news of Recto’s appointment was first revealed by his wife, former Batangas governor Vilma Santos-Recto, during an online interview with showbiz columnist Jun Lalin. Santos-Recto expressed her confidence in her husband’s abilities as an economist and shared that he was given this opportunity because of the trust placed in him.
Speculations about Recto’s appointment as Finance secretary have been circulating since last year, especially after he accompanied the President to the Asia-Pacific Economic Cooperation (APEC) summit in November. His appointment has been welcomed by Albay 2nd District Rep. Jose Ma. Clemente “Joey” Salceda, who praised Recto’s wealth of experience in economic legislation and his relationships with members of Congress. Salceda believes that Recto’s appointment will facilitate the progress of key tax reforms pending in the Senate due to his ability to broker viable compromises.
Recto, the grandson of statesman Claro Mayo Recto, has had an impressive political career. After serving as Senate President Pro Tempore and Senate Minority Leader during his 12-year stint at the Senate, he was elected as the representative of Batangas’ sixth district in 2019. Previously, he served as Socioeconomic Planning Secretary from 2008 to 2009 and was a senator from 2001 to 2007. He first became a representative of the fourth district of Batangas from 1992 to 2001. Recto has authored and sponsored several laws, including the Rice Tariffication Act, the Universal Health Care Act, and the Tax Reform Act of 1997.
Benjamin Diokno, the outgoing Finance secretary, previously served as the governor of the Bangko Sentral ng Pilipinas (BSP) from 2019 to 2022 before being replaced by Felipe Medalla. Diokno also held the position of Budget secretary from 2016 to 2019. His educational background includes a Bachelor’s Degree in Public Administration from the University of the Philippines, a Master’s Degree in Public Administration, and a Ph.D. in Economics from the Maxwell School of Citizenship and Public Affairs, Syracuse University in New York, USA.
The appointment of Recto as Finance secretary has been met with positive reactions from senators. Senate President Juan Miguel Zubiri referred to Recto as the Senate’s “resident numbers genius,” praising his ability to understand the implications of numbers and bridge the gap between mathematical abstractions and the concrete realities faced by the nation. Zubiri expressed confidence in Recto’s ability to lead the country towards greater economic prosperity. Senate Minority Leader Aquilino “Koko” Pimentel 3rd and Sen. Francis “Chiz” Escudero also welcomed Recto’s designation as Finance chief.
In conclusion, Rep. Ralph Recto’s appointment as the secretary of the Department of Finance is a significant development for the country. With his experience in economic legislation and strong relationships with members of Congress, Recto is expected to bring valuable insights and expertise to his new role. The international audience should note that this appointment aligns with local laws and customs, as well as the government’s efforts to drive economic growth and prosperity.
Source: The Manila Times
