BY JOCELYN MONTEMAYOR and WENDELL VIGILIA
PRESIDENT Marcos Jr. has named Batangas Rep. Ralph Recto as his new Finance secretary vice Benjamin Diokno, Malacañang said yesterday.
Communications Secretary Cheloy Garafil said Recto will take his oath today along with Special Assistant to the President for Investment and Economic Affairs Fredrick Go.
“Rep. Ralph Recto and Frederick Go are scheduled to take their oath tomorrow (Friday) before President Ferdinand R. Marcos Jr. as secretary of Finance and Special Assistant to the President for Investment and Economic Affairs, respectively,” Garafil said late last night.
Recto’s appointment was first disclosed by the House deputy speaker’s wife, Vilma Santos-Recto.
“In fact, he’ll take his oath tomorrow, January 12, as the new secretary of Finance under the administration of Ferdinand Marcos (Jr.). He’s trusted because he’s such a good economist,” Santos-Recto told an interview in Filipino earlier yesterday.
It was not clear why the President replaced Diokno, but there are rumors he might join the monetary board.
The Department of Finance has not released any statement as of last night. Rumors about Recto taking Diokno’s post have been circulating as early as September last year.
Diokno’s plans after exiting the finance department are also yet to be announced.
Prior to his appointment as finance chief under the current administration, Diokno also served as Bangko Sentral ng Pilipinas governor as well as budget secretary under former President Rodrigo Duterte’s term.
Several lawmakers and business groups welcomed Recto’s appointment.
Senate President Juan Miguel Zubiri said, “In the Senate, we always regarded him as the resident numbers genius. This was not just for his mathematical ability, but more importantly for his ability to immediately see the big picture implications of these numbers.”
More than most, he understands how to bridge the gap between the abstractions of mathematics and the very concrete realities that we face as a nation. So I have no doubt that he will be a good Finance Secretary, who will continue to push the country along on the road to greater economic prosperity,” he added.
Albay Rep. Joey Salceda, chair of the House Committee on Ways and Means, said he welcomes the appointment of a “fellow tax reformer” as chief of the Department of Finance.
“Recto brings in a wealth of experience in economic legislation and deep and longstanding relationships with members of Congress. This experience and network will be crucial in enacting meaningful reforms to address cost of living, create employment, and expand our fiscal space,” he said.
“I am optimistic that key tax reforms pending in the Senate will also move faster with his appointment, due to his relationships in that chamber, as well as his ability to broker viable compromises. I look forward to working with him when session resumes these coming days,” Salceda added.
The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) said it is in “full support” of Recto’s appointment as finance secretary.
Its president, Dr. Cecilio K. Pedro, said the group extends its “heartfelt congratulations” to Recto on his “well-deserved designation.”
The (FFCCCII) said Recto “stands as a seasoned legislator with a wealth of experience and an impeccable track record of exemplary public service, both within the hallowed halls of the Senate and the House of Representatives. His prolific authorship of numerous legislative measures, enacted into law, significantly addresses economic and fiscal reforms, and the vital cause of poverty alleviation.”
The group also thanked Diokno.
“His enduring commitment and stellar track record in various pivotal government positions, such as Finance secretary, Budget secretary, governor of Bangko Sentral ng Pilipinas, and other critical roles, coupled with his previous role as a distinguished economics professor at the University of the Philippines, deserve our commendation. We recognize and salute his patriotism, sagacity, and enlightened stewardship,” it said.
Diokno was appointed in May 2022 after serving as governor of the Bangko Sentral ng Pilipinas from 2019.
Recto, a former senator, has chaired of the Senate Committee on Ways and Means and was one of the authors of the 1997 Comprehensive Tax Reform Program as a congressman.
Santos-Recto, a former Batangas representative and governor, herself, said their whole family will join her husband in his oath-taking which will be administered by the President at Malacañang Palace.
“I’m praying na sana he’ll do a good job and I hope he won’t be given negative comment or negative vibes because his intention is to really help resolve our economic problems,” she said.
Recto started his political career in 1992 as representative of Batangas.
He also served as director general of the National Economic and Development Authority (NEDA) under the Arroyo administration.
He is the grandson of statesman Claro Recto.
PRESIDENTIAL ASSISTANT GO
Go officially stepped down as director, president and CEO of the Robinsons Land Corporation, and as chairman and board member of the RL Commercial REIT Incorporated on January 8.
He was appointed as Special Assistant to the President for Investment and Economic Affairs in January 2023.
Go will head the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) which was created in December last year under the Office of the President.
OSAPIEA aims to ensure the effective integration, coordination and implementation of the various government investment and economic policies and programs.
Its functions also include ensuring that investment pledges, especially those made during foreign trips of the President, are realized and come to fruition. — With Angela Celis
