The Bankers Association of the Philippines welcomed the appointment of Rep. Ralph Recto as Secretary of the Department of Finance while thanking former Finance chief Benjamin Diokno for his years of government service.

In a statement, BAP said “Secretary Recto is equipped with the necessary experience to promote Philippine economic growth through the implementation of effective fiscal policy, having served as Secretary General of the National Economic and Development Authority and as a Senator who has advocated for pro-growth laws.”

It added that, “As head of the Marcos administration’s economic team, Secretary Recto will play a critical role in the reformation of fiscal and economic policies, together with balancing political realities. We are confident that he will succeed in his role, to the benefit of the Filipino public.”

“While the Philippine economy continues to grow due to its strong fundamentals, it is currently facing local and global economic headwinds such as inflatio,” said BAP President Jose Teodoro “TG” Limcaoco.

He noted that, “The country needs an experienced economist who can navigate the ongoing challenges of this operating environment, and Secretary Recto is an ideal fit for this job.”

“The BAP would also like to thank Mr. Benjamin Diokno for his years of service in the government — having served as DOF Secretary, Governor of the Bangko Sentral ng Pilipinas, and Secretary of the Department of Budget and Management,” the statement said.

It said “Mr. Diokno was a key figure in steering our economy throughout various challenging times and as such, his leadership has led to a Philippines that is poised to further grow in the years to come. We wish Mr. Diokno the best of luck in his future endeavors.”