Business Bayani PH

The Philippine Chamber of Commerce and Industry (PCCI) expressed excitement over the appointment of former Senator Ralph Recto as the new secretary of the Department of Finance (DOF). Recto steps into the role, succeeding secretary Benjamin E. Diokno.

PCCI president Enunina V. Mangio hailed Recto as a valuable addition to President Marcos’s economic team, emphasizing his experience and political support. “Senator Recto is perfectly suited for the job.  He has the experience, expertise and political backing that are critical if he is to oversee the strengthening of the country’s economic and fiscal positions,” Mangio said.

Mangio commended Recto for his past leadership at the National Economic Development Authority and his role in crucial measures like the Expanded Value-Added Tax, the Rice Tariffication Law, and the Rent Control Act. She expressed hope for Recto to continue supporting business growth and maintaining the country’s economic progress.

Outgoing finance secretary Diokno received praise from Mangio for his exemplary service. She welcomed Recto’s appointment, marking a new phase for the Department of Finance.

Recto’s appointment gained support from his former Senate colleagues, with Senate president Juan Miguel Zubiri expressing confidence in Recto’s ability to bridge gaps between complex concepts and practical realities. Zubiri noted Recto’s reputation as the “resident numbers genius” for his ability to understand the broader implications of numerical data.

Senate finance committee chairperson Senator Sonny Angara applauded Recto’s political acumen and intellectual abilities, foreseeing their positive impact on shaping the country’s fiscal policies.

Senator Sherwin Gatchalian, chair of the ways and means panel, cited Recto’s extensive experience in finance and economic policy, viewing him as a valuable addition to the economic team. Gatchalian expressed confidence in Recto’s ability to lead efficient reforms in the country’s tax system.

Senator Francis Escudero welcomed Recto as an asset to the Marcos administration, ensuring the sustainability of the country’s economic gains. “I wish him well and express my support for his new role,” Escudero said.

Senate minority leader Aquilino Pimentel III endorsed Recto’s appointment, emphasizing his deserving qualifications for the position.

Malacañang officially announced President Ferdinand R. Marcos Jr.’s appointment of Recto as the new DOF chief, succeeding Benjamin Diokno. Communications secretary Cheloy Garafil revealed that Marcos will lead Recto’s oath-taking on Friday.

In transitioning to the Cabinet post, Recto will leave his seat at the House of Representatives. Business leaders, lawmakers, and government officials anticipate Recto’s tenure as the secretary of DOF, optimistic about the continued growth and prosperity of the Philippine economy under his guidance.◼