While awaiting confirmation from the Commission on Appointments, Ralph Recto formally received the Department of Finance leadership from his predecessor.

Former Senator and current Batangas 6th District Representative Ralph Recto is now the Finance Secretary. Former secretary Benjamin Diokno formally turned over the leadership of the Department of Finance in a ceremony on January 15 at the Department of Finance (DOF) office in Manila. 

“Ralph is a seasoned policymaker and an undeniable patriot,” Diokno said of his successor. “He has sponsored several key economic and tax reforms that have transformed our economy for the better and reignited the country’s growth potential.” 

“Ralph is no stranger to the kind of hard work, tough decision-making, and consensus-building required of this post,” the former secretary added.

Ralph Recto still has to wait for a confirmation hearing to be set by the Commission on Appointments, which has the authority to either approve or disapprove his appointment.  

What Happens to Diokno Now?

President Ferdinand Marcos, Jr. announced that Diokno will return to being a Monetary board member of the Bangko Sentral ng Pilipinas (BSP). In a statement, Diokno expressed that the new assignment allows him to have “more time for myself, my family, and friends.” 

For his part, Recto heaped praises on his predecessor. 

“Secretary Recto praised the ex-Finance Chief for his commendable service, saying he is confident that Diokno would continue contributing positively to the welfare of the nation in his new role,” a press release from the DOF stated. 

Business Community Shows Support for Recto

As President Marcos Jr. directs his new finance secretary to ensure the efficiency of the tax system as well as the apprehension of smugglers and tax evaders, Recto seems to have a challenging road ahead. However, various business groups in the country have expressed their support for Recto as he takes on his new role in government. 

Enunina Manguio, the president of the Philippine Chamber of Commerce and Industry, said in a statement that 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,” Manguio added.

The Makati Business Club said in its own statement that they “pledge Mr. Recto our assistance and wish him success in his new, important role, including continuous improvement of laws and policies to attract job-creating investments and expansion.”