Recto moves to calm investors, vows fiscal discipline amid corruption concerns

Finance Secretary Ralph Recto maintained Monday that the Philippines remains on solid economic footing and good governance “is more resolute than ever,” following allegations made by former Ako Bicol Party-list Representative Zaldy Co against President Ferdinand “Bongbong” Marcos Jr.

In a statement, Recto said that as trust is the “lifeblood” of the economy and keeps investments coming in, the government is accelerating a catch-up spending plan and tightening controls on disbursements, as he reiterated that cases will be filed against implicated officials.

“We are not blind to the challenges, nor are we shaken by them. What you see today is not a leadership crisis, but a government reforming itself from within, led by a President who chose to be the whistleblower, not the apologist, of corruption,” he said.

Marcos in August bared that 20% of the total P545-billion budget for flood control projects went to only 15 contractors, which he described as a “disturbing assessment.”

The President has also vowed to ensure that those involved in anomalous projects would be held accountable, triggering both the Senate and House of Representatives to launch their own probes into the issue.

Co, over the weekend, however, claimed that Marcos and his cousin, former House Speaker Ferdinand Martin Romualdez received up to P56 billion in kickbacks from alleged anomalous flood control projects.

The Department of Justice said the statements are being studied to determine authenticity.

‘Comprehensive catch-up plan’

In his statement, Recto said the administration will implement a “comprehensive” catch-up plan to align disbursements with national priorities, as he called on Congress to pass a 2026 national budget that reflects priorities and reform agenda.

“The national budget is the most powerful lever of our growth story — and we will wield it responsibly. These are your hard-earned money entrusted to us, and we will make sure to protect it and spend on programs and projects that will benefit each and every one of you,” he said.

“Essential and targeted public services will continue uninterrupted. High-impact infrastructure projects, including school buildings, will proceed. Our Official Development Assistance projects will continue and even accelerate,” he added.

Recto also assured the public that the government is on track with its fiscal consolidated plan to gradually bring down the deficit and debt while creating more jobs, increasing income, and lifting more Filipinos out of poverty.

“So let there be no doubt: This is a government that cleanses itself from within, honors your trust, and safeguards the future of every Filipino,” he said.

“This is a government that listens, acts decisively, and puts the national interest above all else. And this is a government that will deliver on its promises — without fear, without favor, without hesitation,” he added. — RSJ, GMA Integrated News