Recto is new finance chief

BY JOCELYN MONTEMAYOR and WENDELL VIGILIA

PRESIDENT Marcos Jr. has named Batangas Rep. Ralph Recto as his new Finance secretary vice Benjamin Diokno, Malacañang said yesterday.

Communications Secretary Cheloy Garafil said Recto will take his oath today along with Special Assistant to the President for Investment and Economic Affairs Fredrick Go.

“Rep. Ralph Recto and Frederick Go are scheduled to take their oath tomorrow (Friday) before President Ferdinand R. Marcos Jr. as secretary of Finance and Special Assistant to the President for Investment and Economic Affairs, respectively,” Garafil said late last night.

Recto’s appointment was first disclosed by the House deputy speaker’s wife, Vilma Santos-Recto.

“In fact, he’ll take his oath tomorrow, January 12, as the new secretary of Finance under the administration of Ferdinand Marcos (Jr.). He’s trusted because he’s such a good economist,” Santos-Recto told an interview in Filipino earlier yesterday.

It was not clear why the President replaced Diokno, but there are rumors he might join the monetary board.

The Department of Finance has not released any statement as of last night. Rumors about Recto taking Diokno’s post have been circulating as early as September last year.

Diokno’s plans after exiting the finance department are also yet to be announced.

Prior to his appointment as finance chief under the current administration, Diokno also served as Bangko Sentral ng Pilipinas governor as well as budget secretary under former President Rodrigo Duterte’s term.

Several lawmakers and business groups welcomed Recto’s appointment.

Senate President Juan Miguel Zubiri said, “In the Senate, we always regarded him as the resident numbers genius. This was not just for his mathematical ability, but more importantly for his ability to immediately see the big picture implications of these numbers.”

More than most, he understands how to bridge the gap between the abstractions of mathematics and the very concrete realities that we face as a nation. So I have no doubt that he will be a good Finance Secretary, who will continue to push the country along on the road to greater economic prosperity,” he added.

Albay Rep. Joey