The Commission on Appointments yesterday unanimously confirmed the ad interim appointment of former Senator Ralph Recto as finance secretary.
“Indeed, Secretary Recto’s extensive experience in governance, profound perception of economic policies, and innovative approach to financial management make him the ideal finance secretary equipped to steer our nation’s financial affairs towards the right decision,” said Sen. Ramon Revilla, chair of the CA panel, who endorsed Recto’s confirmation for the final approval of the committee members in the plenary.
In his opening statement, Recto said he is committed to pursuing growth-enhancing fiscal consolidation through plugging of tax leaks, improve on tax administration, prevent wasteful expenditures, exercise prudent debt management, and boosting investments.
To finance the P5.768-trillion national budget for this year, Recto said the department is faced with a huge task of raising P15.8 billion a day.
He said that of the total amount, P11.7 billion will be supported by tax revenues, while the remaining P4 billion will be sourced from borrowings.
Recto said he gave orders to the Bureau of Internal Revenue and the Bureau of Customs to accelerate their respective digitalization initiatives to enhance customs and tax administration efficiency, and ease the payment of taxes for the people.
In an interview with the Senate media after his confirmation, Recto said the government will not create new taxes and that it will only pursue the six measures filed in Congress.
