The Philippine Stock Exchange said it supports the appointment of former Senator Ralph G. Recto secretary of the Department of Finance.
The PSE bared confidence that under Recto’s leadership, the DOF will fast track the fiscal reforms needed to ensure the country’s continued economic expansion that helps boost investor confidence.
“As a long-standing public servant, his dedication, hard work, extensive experience and innate desire to uplift the lives of Filipinos will be an invaluable asset to President Marcos’ economic team,” the PSE said.
Recto, who was Senator and former director general of the National Economic Development Authority, is no stranger to the capital market. He was the legislator behind Republic Act 9243 or the act rationalizing the implementation of the documentary stamp tax under the National Internal Revenue Code of 1997.
Stock transactions at the local stock exchange were exempt for the first time from the mandatory documentary stamp tax (DST) that had long been cited as a disincentive to the hoped-for expansion of the domestic capital market.
“We extend our full support and best wishes to Secretary Recto on his new role and look forward to working with him in introducing reforms to further develop the Philippine capital market,” the PSE said.
Recto took his oath as Finance secretary last Friday, replacing Benjamin Diokno, who was appointed member of the policy-making Monetary Board of the Bangko Sentral ng Pilipinas.
