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Recto is new Finance chief, Diokno to transfer to Monetary Board: Marcos

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<div class="media-content"><div class="slider-for"><div><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2024/news/01/12/01122024-dof-1.jpg"/></div><div><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2024/news/01/12/01122024-dof-2.jpg"/></div><div><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2024/news/01/12/01122024-dof-3.jpg"/></div></div><div class="media-content slider-desc"><div class="item-desc"><p>Finance Secretary Ralph Recto takes his oath of office before President Ferdinand Marcos, Jr. at the Malacañang Palace. <cite>Department of Finance/Facebook</cite></p></div><div class="item-desc"><p>Finance Secretary Ralph Recto takes his oath of office before President Ferdinand Marcos, Jr. at the Malacañang Palace. <cite>Department of Finance/Facebook</cite></p></div><div class="item-desc"><p>Finance Secretary Ralph Recto takes his oath of office before President Ferdinand Marcos, Jr. at the Malacañang Palace. <cite>Department of Finance/Facebook</cite></p></div></div></div><p>MANILA <strong>(2nd UPDATE) </strong>- Ralph Recto has formally assumed the post of Secretary of Finance, President Ferdinand Marcos Jr, confirmed on Friday, as he introduced the Batangas lawmaker as the new Finance chief during a ceremony in Malacañang. </p><p>&quot;A gentleman that I do not think needs very much introduction, as he has been in public life since we were very young Congressman together, Secretary Ralph Recto for the Department of Finance,&quot; Marcos said.</p><p>Marcos noted that Recto&#x27;s experience as a legislator will be needed in pushing for fiscal reforms. </p><p>&quot;I am certain that he will be championing reforms, leveraging his influence in both Houses of Congress into passing bills that accelerate growth, drawing investments, and create better jobs, while raising funds that will be invested back for human and physical capital formation,&quot; Marcos said to an audience of officials and journalists. </p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2893747" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>Recto is known for pushing several tax reform bills during his stint as a lawmaker both in the House of Representatives and the Senate. </p><p>&quot;He will be a major player in how we stay on the path of growth, meet and even surpass our medium term fiscal target and achieve our development targets,&quot; Marcos said.</p><p>Diokno meanwhile will go back to being a member of the Bangko Sentral ng Pilipinas&#x27; Monetary Board Marcos said. </p><p>&quot;We shall continue to rely on your expertise and exuberance as a member now of the Monetary Board,&quot; Marcos said referring to Diokno&#x27;s appointment to the central bank body that sets monetary policy.</p><p>Marcos added that Diokno was offered a post in the Maharlika Investment Corp, but the UP-trained economist declined. </p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2779982" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>Recto&#x27;s appointment was welcomed by his colleagues in Marcos&#x27; economic team.</p><p>National Economic and Development Authority Secretary Arsenio Balisacan said he looks forward to working with Recto.</p><p>The Department of Budget and Management meanwhile said Recto can expect the agency&#x27;s full support. </p><p>Trade Secretary Fred Pascual said he supports Marcos&#x27; appointment of Recto as the new Finance chief.</p><p>House Speaker Martin Romualdez also praised Recto&#x27;s appointment. </p><p>&quot;His extensive knowledge and profound grasp of economics uniquely qualify him for this crucial role, making him the most fitting candidate,&quot; Romualdez said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/12/24/diokno-back-to-monetary-board-as-recto-new-finance-chief">Diokno goes back to Monetary Board as Recto Assumes Finance chief post</a></li></ul><p>His former colleagues in the Senate also said Recto was fit for the job.</p><p>Meanwhile, the Bankers Association of the Philippines said &quot;Recto is equipped with the necessary experience to promote Philippine economic growth through the implementation of effective fiscal policy, having served as Secretary General of the National Economic and Development Authority and as a Senator who has advocated for pro-growth laws.&quot;</p><p>&quot;As head of the Marcos administration’s economic team, Secretary Recto will play a critical role in the reformation of fiscal and economic policies, together with balancing political realities. We are confident that he will succeed in his role, to the benefit of the Filipino public,&quot; the BAP said. </p><p>The Makati Business Club meanwhile said Recto&#x27;s &quot;stints in NEDA, the House of Representatives, and the Senate — including his authorship of the expanded VAT law of 2006 (RA 9337) — will serve the Administration and country well as we address growing financial and economic challenges.&quot;</p><p>Recto was NEDA director generalfrom 2008 to 2009 under the term of former President and now Pampanga Congresswoman Gloria Macapagal-Arroyo.</p><p>He also served three terms in the Senate where he was seated as Senate President Pro Tempore and headed the Senate Committee on Ways and Means.</p><p>This committee is responsible for tackling “fiscal, monetary and financial affairs of the national government including tariff, taxation, revenues, borrowing, credit and bonded indebtedness.”</p><p>In the Senate, he authored and co-authored measures including the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the Rice Tariffication Act, the Ease of Doing Business and Efficient Government Service Delivery Act and others.</p><p>As a Congressman, he is also mentioned as one of the principal author of several bills that benefitted the micro small and medium enterprises (MSMEs) especially during the height of the COVID-19 pandemic, including “increasing available loanable funds, reducing documentary requirements, increasing maximum loan amounts per borrower, reducing interest rates, extending loan terms, utilization of financial technologies,” among others.</p><p>Recto said he will let the existing road map of the economic team guide him in the department.</p><p>“Essentially you have the National Development Plan to follow and the chief architect of that is the President. You have the micro fiscal framework, and there is a plan, there is roadmap that we will essentially continue,” he told reporters.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/12/06/23/recto-can-be-effective-finance-chief-investment-banker">Recto can be effective Finance chief: investment banker</a></li></ul><p>His top priority includes revenue collection amounting to P4.3 trillion from taxes next year.</p><p>“Number one is to collect for next year, I think P4.3 trillion in taxes. P3-trillion with the BIR, P1-trillion in the BOC and I think the treasury with the P3-billion. So it is all about fiscal sustainability,” Recto said.</p><p>“We will be borrowing P2.7 trillion next year. So every night, when I wake up in the morning. Dapat ang nakolekta natin ay dapat more or less P20 billion to fund all the needs of our people and the requirements of government, and to make sure that all those money will be spent wisely. The idea is to stretch every peso,” he added. - With a report from Joyce Balancio, ABS-CBN News</p><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/6iIprvMtX-8?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Ralph Recto has formally assumed the post of Secretary of Finance, President Ferdinand Marcos Jr confirmed on Friday as he introduced the Batangas lawmaker as the new Finance chief during a ceremony in Malacañang. 