Two of the country’s largest business organizations -- Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) --  lauded the appointment of former Senator Ralph Recto as the new Secretary of the Department of Finance (DOF).

In separate statements, PCCI and FFCCCII welcomed the appointment  stating that the legislator is “perfectly suited for the job.” 

On Jan. 12, PCCI President Enunina V. Mangio said Recto has the “experience, expertise and political backing that are critical if he is to oversee the strengthening of the country's economic and fiscal positions.”

She cited Recto’s previous record as head of the National Economic Development Authority (NEDA) and authorship of Expanded Value-Added Tax, the Rice Tarrification Law and the Rent Control Act. 

These have “helped the country weather economic crises even as some were unpopular," Mangio said.

Mangio hopes that Recto will continue to push for policies and reforms that are supportive of the growth of businesses and to ensure that country’s economic gains are sustained.

The PCCI President said she hopes Recto will advocate for policies that allow business growth and sustain economic gains, remarking on the PCCI’s future collaborations with the DOF. 

Previously, the Chamber has partnered with DOF in implementing the comprehensive tax reform program and improving the tax regime.

She also expressed her gratitude to outgoing chief Diokno, remarking on his “exemplary job” as leader of the DOF.

Recto was sworn in as the new Finance chief on Jan. 12, replacing Benjamin E. Diokno. 

For its part, FFCCCII cited Recto for his “prolific authorship of numerous legislative measures, enacted into law, significantly addresses economic and fiscal reforms, and the vital cause of poverty alleviation.”

FFCCCII President Cecilio K. Pedro, in a statement, cited Recto as a seasoned legislator with a wealth of experience and an impeccable track record of exemplary public service, both within the hallowed halls of the Senate and the House of Representatives. 

The Filipino-Chinese business group said they eagerly anticipate fostering a collaborative relationship with the national government, championing unceasing reforms to invigorate the Philippine economy—making it dynamic, productive, progressive, and globally competitive, all for the welfare of the people.

In the same breath, FFCCCII extends its sincere gratitude to the outgoing Finance Secretary, Dr. Benjamin E. Diokno. "His enduring commitment and stellar track record in various pivotal government positions, such as Finance Secretary, Budget Secretary, Governor of Bangko Sentral ng Pilipinas, and other critical roles, coupled with his previous role as a distinguished economics professor at the University of the Philippines, deserve our commendation. We recognize and salute his patriotism, sagacity, and enlightened stewardship," the statement added.

"To both leaders, we express our wishes for continued success in their respective endeavors," the statement concluded.