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Makati Business Club backs Recto as DOF chief

The Makati Business Club (MBC), which counts as members the country’s largest conglomerates and multinationals, has thrown its support behind Ralph Recto as the secretary of the Department of Finance (DOF).

In a statement issued Friday, MBC said it pledges its assistance to Recto and wishes him "success in his new, important role, including continuous improvement of laws and policies to attract job-creating investment and expansion.”

The business group also congratulated and expressed its support for the Finance chief.

MBC said Recto’s previous stints in the National Economic and Development Authority (NEDA), the House of Representatives, and the Senate —including his authorship of the expanded VAT law of 2006 or RA 9337 “will serve the Administration and country well as we address growing financial and economic challenges.”

“We look forward to working with him, other recent appointees such as Presidential Special Assistant Frederick Go and Agriculture Secretary Francis Laurel, and the rest of the economic team,” the group said.

“We also thank Sec. Ben Diokno for his service as finance secretary in the critical first year of the Marcos administration, following previous stints in other offices,” it added.

The Philippine Chamber of Commerce and Industry and the Bankers Association of the Philippines have earlier expressed support for the newly appointed DOF secretary.

As his first order of business, Recto said he would prioritize the collection of P4.3 trillion in taxes.

The former deputy speaker of the House took his oath as the new Finance chief on Friday afternoon. —KG, GMA Integrated News