Marcos swears in Ralph Recto as Finance chief

President Ferdinand "Bongbong" Marcos Jr. has sworn in House Deputy Speaker Ralph Recto as Secretary of the Department of Finance.

Marcos administered the oath of office to Recto during a ceremony in Malacañang on Friday. The Chief Executive noted that Recto had a remarkable career in public service, having excelled in various roles within the government.

"He will be a major player on how we stay on the path of growth, meet and even surpass our medium-term fiscal targets, and achieve our developmental targets," Marcos said.

"He will promote not just ease in paying taxes, but also in efficiently and effectively spending those collections, because the citizen's reward for tax compliance should be better and more responsive public services," he added.

Recto would continue "to help devise strategies that will tame inflation through a basket of responses, ranging from plugging supply gaps to injecting non-monetary measures so that prices will be stable," Marcos said.

At a Palace press briefing, Recto was asked what will be his first order following his appointment as Finance chief.

"Number one is to collect for next year, I think P4.3 trillion in taxes, P3 trillion with the (Bureau of Internal Revenue), P1 trillion with the (Bureau of Customs) and I think the Treasury has P300 million, it's all about fiscal sustainability," Recto said.

'Perfect' fit

As this developed, key leaders of the business and banking sectors expressed their support for Recto's appointment.

Philippine Chamber of Commerce and Industry (PCCI) president Enunina Mangio said, "Senator Recto is perfectly suited for the job. He has the experience, expertise, and political backing that are critical if he is to oversee the strengthening of the country's economic and fiscal positions. He has led the National Economic and Development Authority (NEDA) and authored and sponsored landmark measures that have helped the country weather economic crises, even [though] some were unpopular."

The PCCI chief was referring to the Expanded Value-Added Tax, the Rice Tariffication Law, and the Rent Control Act, among others.

For his part, Bankers Association of the Philippines (BAP) president Jose Teodoro Limcaoco said Recto is equipped with the necessary experience to promote Philippine economic growth through the implementation of effective fiscal policy, having served as NEDA chief and as a senator who has advocated for pro-growth laws.

“While the Philippine economy continues to grow due to its strong fundamentals, it is currently facing local and global economic headwinds such as inflation. The country needs an experienced economist who can navigate the ongoing challenges of this operating environment, and Secretary Recto is an ideal fit for this job,” he said.

Special Assistant

Meanwhile, the President on Friday also swore in Frederick Go as Secretary of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

This new office aims to ensure effective integration, coordination, and implementation of various government investment and economic policies.

"The reason that Deck Go was chosen for this position is that all of you who have been traveling with me have heard from me often that we are not satisfied just with the signing and the presentation of MOUs and LOIs," Marcos said.

"And in our discussion, I always say we have to make this real. And because many of these investments are going to be fully in the private sector, they can be PPPs, they can be joint ventures, Maharlika Investment Fund might also be involved," he added.

He said Go's expertise lies in creating an environment that is interchangeable between government and the private sector to make investments be felt in the everyday lives of ordinary Filipinos. — VDV, GMA Integrated News