Malacañang on Tuesday denied rumors that Department of Finance Secretary Ralph Recto has stepped down from his post, assuring the public that he continues to perform his duties as part of President Ferdinand Marcos Jr.’s economic team.
“Not true,” Presidential Communications Office Undersecretary Claire Castro said in a message to reporters.
The denial came after unverified social media posts claimed Recto was preparing to leave the DOF and head of the economic team.
Recto was appointed DOF chief in January 2024, succeeding Benjamin Diokno. Since assuming office, he has overseen efforts to sustain fiscal consolidation, attract foreign investment and strengthen revenue collection to support the Marcos administration’s infrastructure and social programs.
Earlier this year, Recto submitted his courtesy resignation following the order from President Ferdinand Marcos Jr.
The President, however, retained him as the Finance secretary.
Recto earlier underscored the DOF’s key role in funding the nation’s progress despite operating on a relatively modest annual budget.
“We fund the nation’s progress and bring us closer to our Ambisyon 2040—a prosperous middle-class society, where poverty is eradicated,” he said.
With only a P27.94-billion budget in 2024, the DOF and its attached agencies collected a record P4.42 trillion in revenues to support the government’s P5.925 trillion expenditure —equivalent to 16.7 percent of GDP, the highest in 27 years.
This meant the DOF had collected roughly P12.10 billion a day in 2024 to support the P16.23 billion daily expenditures of the government, said Recto.
