Finance Secretary Ralph G. Recto has chosen to retain all officials of the Department of Finance (DOF) in their current roles as he assumes one of the most challenging positions in the government.

In a Department Order No. 03-2024 signed by Recto on Monday, Jan. 15, the finance chief made a single change within the DOF, assigning Undersecretary Maria Luwalhati C. Dorotan Tiuseco as his new chief of staff (COS).

“All other DOF officials shall continue to discharge their functions and special assignments based on previously issued orders,” Recto stated.

Prior to her appointment, Tiuseco oversaw the Information Management Service, which serves as the DOF’s primary arm for stakeholder engagement and strategic communications.

Additionally, she was responsible for managing the Political and Legislative Liaison Group, which acts as the DOF's liaison to the Senate and the House of Representatives. 

Moreover, Tiuseco handled the Climate Finance Policy Group, which provides advisory services and technical support to the Secretary of Finance on his roles in climate finance, disaster risk financing and insurance, and sustainable finance. 

However, according to DOF sources, the current setup is just temporary. Some finance executives will only stay during the transition, and Recto also intends to bring in new people to the department.

On Monday, former Finance Secretary and now Bangko Sentral ng Pilipinas (BSP) Monetary Board Member (MBM) Benjamin E. Diokno officially turned over the DOF leadership to Recto.

“Ralph is a seasoned policymaker and an undeniable patriot. He has sponsored several key economic and tax reforms that have transformed our economy for the better and reignited the country’s growth potential,” Diokno said. 

“Ralph is no stranger to the kind of hard work, tough decision-making, and consensus-building required of this post,” he added.

In response, Recto praised Diokno for his commendable service, saying he is confident that the former finance chief would continue contributing positively to the welfare of the nation in his new role. 

Additionally, Recto said he is looking forward to leveraging the wisdom of his predecessors.

"Those are truly comforting, especially for someone stepping into one of the toughest jobs in government," Diokno said.

“I find reassurance in knowing that I am not alone in this journey. I am surrounded by a team of highly talented and competent individuals within the DOF, its attached agencies, and bureaus,” he added.

Recto likewise expressed confidence in surmounting any challenges in pursuit of actualizing the President's vision articulated in the national development plan through increased effort, sincere dedication, rethinking the way of doing things, and innovating governance. 

“I count on everyone’s support and cooperation as we collectively deliver an economy that works for the betterment of every Filipino and the future generations to come,” he said.

Present during the turnover ceremony were Finance Undersecretaries Catherine Fong, Bayani Agabin, Maria Edita Tan, Zeno Abenoja, and Tiuseco.

Also present were Finance Assistant Secretaries Nino Alvina, Dakila Napao, Glenda Rumohr-Figueroa, Juvy Danofrata, Karlo Adriano, Jun Bernabe Jr., Joyce Briones, and Jenaira  Jalasco.

The heads of the DOF Bureaus were also in attendance, including Internal Revenue Commissioner Romeo Lumagui, Jr.; Customs Commissioner Bienvenido Rubio; Officer-in-Charge National Treasurer Sharon Almanza; and Bureau of Local Government Finance Executive Director Consolacion Agcaoili.

Heads of the DOF attached agencies, namely Securities and Exchange Commission Chairman Emilio Aquino; Insurance Commission Commissioner Reynaldo Regalado; Privatization Management Office Chief Privatization Officer Maan Vanessa Doctor; National Tax Research Center Executive Director Marlene Lucero-Calubag; and Central Board of Assessment Appeals Chairperson Robert Tobia also attended in support of Recto.

Also present during the ceremony were former National Economic and Development Authority Undersecretary Rolando Tungpalan, Mr. Joven Balbosa, Charlie Mendoza, and Alan Quebral.