President Ferdinand Marcos Jr. on Friday welcomes two new members to his economic team and administers the oath of office of Batangas Rep. Ralph Recto as new finance secretary and businessman Frederick Go as special assistant to the president for investment and economic affairs.
“These two gentlemen embody the values of competence, integrity and deep sense of responsibility that we look for in our government leader,” said President Marcos Jr. “Together, they will form part of a dynamic team committed to steering our economic policies towards inclusivity and progress. We will work towards creating an environment that encourages investment, stimulates economic opportunities, and uplift the lives of every Filipino citizen,” he added.
Marcos Jr. refused to characterize the appointment of Recto vice Benjamin Diokno as “changing horses in midstream.” He said Diokno merely wanted to return to “his natural habitat” the Bangko Sentral ng Pilipinas, where he will sit as member of the policymaking Monetary Board. Before his appointment as finance chief, Diokno was governor of the BSP.
Recto, a deputy speaker at the House of Representatives before his appointment, replaces Diokno, who President Marcos Jr. plucked from the central bank to become his first finance chief. Recto was former director-general of the National Economic Development Authority and a senator, who lost his reelection bid in 2007 following his authorship of the Expanded Value-Added Tax law.
Outgoing finance chief Diokno welcomed Recto’s appointment and expressed confidence the incoming finance chief will pursue further reforms to help boost the economy. “I am proud knowing that I will be leaving my post at time when the Philippine economy, in general, and the DOF, in particular, are in a better state of affairs than when I inherited them,” said Diokno.
Diokno had noted the Philippine economy performed well despite a challenging economic and financial environment in 2023, a year studded by continuing geopolitical tensions, the imposition of trade restrictions, and extreme weather events that pushed commodities prices higher, especially rice and fuel.
Go, former president and chief executive officer at Robinsons Land Corp. and director of several companies under the Gokongwei Group, will head the recently created Office of the Special Assistant to the President for Investment and Economic Affairs, or OSAPIEA.
OSAPIEA is mandated to integrate, coordinate and implement the various government investment and economic policies and programs as well as establish a strong system to monitor a complete approach to addressing diverse economic challenges the country faces.
Bankers Association of the Philippines hailed the appointment of Recto as finance chief, describing him as an “ideal choice” since he is experienced hand who can help the government “navigate the ongoing challenges of this operating environment.” BAP president Jose Teodoro Limcaoco said Recto as member of the economic team will play a critical role in pursuing fiscal reforms and economic policies, especially at a time that the economy is “facing local and global economic headwinds such as inflation.”
