Newly-appointed finance chief Ralph Recto will be conducting briefings with heads of the Department of Finance (DOF)-attached agencies and bureaus throughout the week.
In a statement, the DOF said after the turnover ceremony last January 15, the new secretary began the series of briefings, led by the heads of DOF offices.
“I find reassurance in knowing that I am not alone in this journey. I am surrounded by a team of highly talented and competent individuals within the DOF, its attached agencies, and bureaus, all equipped with the necessary skills to navigate the challenges we face today and those that await us in the future. I also look forward to tapping the wisdom of my illustrious predecessors,” Recto said during the turnover ceremony.
“I count on everyone’s support and cooperation as we collectively deliver an economy that works for the betterment of every Filipino and the future generations to come,” Recto added.
Previously, Recto outlined key strategies aimed to steer the nation faster towards inclusive growth.
“My job description is not just written in law, but dictated by economic conditions, shaped by what the people want, and directed by the nation’s development plan. And all of these are distilled into one objective: To promote growth that all of our people can benefit from, that results in the improvement of their lives and secures the future of generations to come,” he said in a statement following his oath-taking ceremony last January 12.
On inflation, the new finance chief committed to employing measures to shield consumers, especially the vulnerable, from the impact of elevated prices, while fully realizing the promises of game-changing reform laws.
These reforms include the amendments to the Retail Trade Liberalization Act, the Foreign Investments Act and the Public Services Act, which are all expected to attract investments in infrastructure, industry and services.
He also highlighted the potential impact of the newly enacted Public-Private Partnership Code in bringing in capital that will cut infrastructure backlog, while freeing budget space for social services and generating jobs that boost domestic consumption.
Recto also assured the public that the Maharlika Investment Fund would operate in fidelity with the law and fulfill its intended objectives.
Meanwhile, he vowed to advocate the immediate passage of key tax reforms endorsed by the President as priority measures to Congress.
“I agree that we need funds to finance growth and our people’s growing needs, and install a system that promotes fair and fast tax administration. These measures will not only finance development but will reduce deficit and our dependency on debt,” he said.
The secretary likewise pledged to champion the passage of the Capital Markets Development Act and pursue reforms in public and private pensions, prioritizing the best interests of beneficiaries while ensuring actuarial health and fund sustainability.
Under his watch, Recto committed to boosting the country’s economic resiliency by practicing fiscal discipline and prudent debt management.
He announced the development of a Philippine Medium-Term Debt Management Strategy for transparent public borrowings.
“This is the debt meter that will inform us on how to secure a future that leads to a stable fiscal position,” he said.
