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Manila Bulletin devider Business devider Top economic officials throw support behind Recto

Top economic officials throw support behind Recto

Published Jan 12, 2024 08:48 am

At A Glance

  • Former Finance Secretary Benjamin E. Diokno said that he is proud knowing that the economy is now in a better state of affairs than when he took the post.<br>Budget Secretary Amenah F. Pangandaman said that the experiences of the Recto  in the legislative and executive branches will aid in pursuing "our desired reforms."<br>Meanwhile, National Economic and Development Authority Secretary Arsenio Balisacan, said he looks forward to working with Recto to realize a better future for Filipinos.

The Marcos economic team said it supports the appointment of former House Deputy Speaker and Batangas Representative Ralph G. Recto as the new finance secretary.

In a statement, former Finance Secretary Benjamin E. Diokno expressed confidence in Recto, who was also a former senator and socio-economic planning director-general in the Arroyo administration.

“I am pleased to announce that I will be turning over my seat as Finance Secretary to Deputy Speaker Ralph Recto,” Diokno said.

“I am proud knowing that I will be leaving my post at a time when the Philippine economy, in general, and the DOF, in particular, are in a better state of affairs than when I inherited them,” he added.

For his part, Diokno is set to return to the Bangko Sentral ng Pilipinas (BSP) as a member of the seven-man Monetary Board.

Meanwhile, Recto will join Department of Budget Secretary Amenah F. Pangandaman, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, and BSP Governor Eli Remolona in strengthening economic growth through the Marcos administration’s plans and policies.

Pangandaman, in a separate statement, said that the experiences of the new finance chief in the legislative and executive branches will aid in pursuing “our desired reforms.”

"We defer to the wisdom of the President on these matters so as the latest appointee of PBBM to the Economic Team, Sec. Recto can expect our full support," she further said.

The budget chief also expressed gratitude to former finance chief Diokno, whom she said led the country to emerge from the pandemic with 7.6 percent growth in 2022, putting the country back on the world map as the fastest emerging economy in the Asia Pacific region.

"He has always been the guiding light of the Philippine Economic Team," Pangandaman said.

Balisacan, on the other hand, said that he looks forward to working with Recto in realizing the government's goal of securing a better future for Filipinos.

“As we acknowledge the invaluable contributions of outgoing Secretary Benjamin Diokno to the growth of the economy under the Marcos Administration, we welcome the appointment of Deputy Speaker Ralph Recto as his successor as Finance Secretary,” he said in a separate statement.

Balisacan also extended gratitude to Diokno “for his steadfast service as he, with President Ferdinand R. Marcos, Jr. and the Economic Team, helped steer our economy through the challenges of the past year and a half.”

Diokno took the helm of finance secretary at the end of the pandemic and crafted the country's first Medium-Term Fiscal Framework (MTFF) during the Marcos administration’s first month in office.

Improving revenue generation and boosting government spending are at the core of the MTFF.

With his latest appointment as finance chief, Recto is expected to cooperate with the economic team in driving the economic growth target between the 6.5 percent to seven percent range this year amid the challenges in growing rice prices and the persisting El Niño phenomenon.

Related Tags

National Economic and Development Authority (NEDA) Arsenio ralph recto NEDA SECRETARY Department of Budget and Management Finance Secretary Benjamin E. Diokno Budget Secretary Amenah F. Pangandaman
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