After nearly two months in office, Finance Secretary Ralph G. Recto has revamped the Department of Finance (DOF) by adding new team members while keeping experienced staff members on board.

In a statement on Monday, March 11, Recto announced the appointment of “a new roster of high-caliber senior officials” in the DOF, appointed by President Marcos.

According to the DOF, these new officials would support Recto in ensuring long-term fiscal sustainability and foster inclusive economic growth.

“I thank the President for appointing a new group of distinguished professionals in the DOF with whom I have worked in the past,” Recto said.

“They are valuable additions to the existing team in the DOF, which is comprised of equally talented individuals and who have been important pillars for the agency,” he added.

Joining Recto in the DOF is Rolando G. Tungpalan who will serve as Undersecretary of the Corporate Affairs and Strategic Infrastructure Group.  

“He will be in charge of fast-tracking the roll-out of President Marcos’ Build Better More program and ensure swift government action on investments by addressing critical bottlenecks and creating a conducive environment that welcomes investors with a red carpet,” the DOF said.

Tungpalan is a seasoned economist who served as Undersecretary for Investment Programming of the National Economic and Development Authority (NEDA).

In this capacity, Tungpalan chaired the Technical Boards of the Investment Coordination Committee (ICC) and the Infrastructure Committee of the NEDA Board. 

He also played a key role as the primary government representative for multilateral and bilateral programming of official development assistance (ODA), leading negotiations and high-level consultations.

Tungpalan is a graduate of the University of the Philippines Diliman where he completed his degree in Economics. He earned masteral units in Economic Research at the Center for Research and Communications. 

Likewise, Joven Balbosa, who has served in senior roles in key multilateral agencies, assumes the position of Undersecretary for the International Finance Group (IFG).

Balbosa will lead efforts in securing foreign development financing and formulate policies related to prudent external resource mobilization.

Additionally, he is the primary DOF lead in collaborating with other government agencies on international agreements covering areas such as trade, investment, and tax treaties.

Prior to his appointment, Balbosa served as advisor to the Southeast Asian Department of the Asian Development Bank (ADB) and economist at the World Bank (WB).

He has more than 30 years of experience in macroeconomics, public sector management, country strategy formulation, programming, and evaluation.

Balbosa holds a master’s degree in Development Economics from Williams College and a diploma in Advanced Specialization in Development Economics from the University of Colorado in the United States. 

He received his bachelor’s degree in Economics from the University of the Philippines Diliman.

Meanwhile, Gerald Alan A. Quebral is the new Assistant Secretary for the Revenue Operations Group (ROG). 

“He is tasked to ensure that the government meets its revenue collection targets annually by overseeing the Bureau of Internal Revenue (BIR) operations,” the DOF said.

Quebral served as Executive Director of the Congressional Oversight Committee on Comprehensive Tax Reform Program in the Senate and House of Representatives.

He spent nearly two decades as a Revenue Officer in various divisions of the BIR, including the industry audit, tax fraud, policy cases, large taxpayers district office in Makati, national investigation, and the large taxpayers regular audit division.

Quebral finished his degree in Accounting at the Philippine School of Business Administration and obtained his Juris Doctor degree at the University of Santo Tomas Faculty of Civil Law. 

He completed an executive education program on Comparative Tax Policy and Administration at the John F. Kennedy School of Government at Harvard University.

The President also appointed Donalyn U. Minimo as Director IV of the IFG and Cherry Mae P. Gonzales as Director IV of the Information Management Service (IMS). 

The new senior officers join the roster of current senior finance officials namely Chief-of-Staff and Undersecretary for IMS, Political and Legislative Liaison, and Climate Finance Policy Alu Dorotan Tiuseco; Undersecretary for the Privatization and Partnerships Group Catherine L. Fong; Undersecretary for Legal Services and Local Finance Group Bayani H. Agabin; and Undersecretary for Special Concerns Maria Edita Z. Tan.