President Ferdinand Marcos Jr. appointed House Deputy Speaker and Batangas Rep. Ralph Recto as Finance Secretary, the Presidential Communications Office said yesterday.
PCO Secretary Cheloy Garafil said Recto will take his oath at the Palace at 3 p.m. today (Friday).
The Palace, however, gave no explanation as to why Secretary Benjamin Diokno was replaced by the 60-year-old longtime lawmaker.
Recto’s wife, former Batangas Gov. Vilma Santos-Recto, said her husband “was given the trust because he’s such a good economist.”
Senate President Juan Miguel Zubiri said he believes Recto will continue to steer the country to greater economic prosperity.
“I have no doubt that he will be a good Finance Secretary. 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,” he said.
“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,” Zubiri added.
House Ways and Means chairperson and Albay Rep. Joey Sarte Salceda said 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,” said Salceda.
Recto previously served as chairman of the Senate committee on ways and means and was one of the authors of the 1997 Comprehensive Tax Reform Program during his previous tenure in the House.
The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) also welcomed Recto’s appointment.
“We eagerly anticipate fostering a collaborative relationship with the national government, championing unceasing reforms to invigorate our Philippine economy—making it dynamic, productive, progressive, and globally competitive, all for the welfare of our people,” the group said in a statement.