Recto takes DOF helm, unveils key strategies for faster inclusive growth

Newly appointed Finance Secretary Ralph G. Recto has outlined key strategies to steer the nation faster towards inclusive growth that benefits every citizen, enhances their quality of life, and safeguards the future of new generations.

“My job description is not just written in law, but dictated by economic conditions, shaped by what the people want, and directed by the nation’s development plan. And all of these are distilled into one objective: To promote growth that all of our people can benefit from, that results in the improvement of their lives, and secures the future of generations to come,” he said in a statement following his oath-taking ceremony before President Ferdinand R. Marcos, Jr. at the Malacañang Palace on January 12, 2024.

Addressing the President’s marching orders to quicken the country’s road to inclusive growth, Secretary Recto emphasized the need to fortify the strong economic fundamentals established by his predecessors.

He likewise stressed the need to sustain the reform momentum by building on proven best practices and drawing on experience to fine-tune rules in order to optimize potential and maximize gains.

On inflation, the new Finance Chief committed to employing measures to shield consumers, especially the vulnerable, from the impact of elevated prices, while fully realizing the promises of game-changing reform laws.

These reforms include the amendments to the Retail Trade Liberalization Act (RTL), the Foreign Investments Act (FIA), and the Public Services Act (PSA), which are all expected to attract investments in infrastructure, industry, and services.

He also highlighted the potential impact of the newly enacted Public-Private Partnership (PPP) Code in bringing in capital that will cut infrastructure backlog, while freeing budget space for social services and generating jobs that boost domestic consumption.

Secretary Recto also assured the public that the Maharlika Investment Fund (MIF) would operate in fidelity with the law and fulfill its intended objectives.

Meanwhile, he vowed to advocate the immediate passage of key tax reforms endorsed by the President as priority measures to Congress.

“I agree that we need funds to finance