The Commission on Appointments (CA) on Wednesday, March 13 unanimously approved the ad interim appointment of Department of Finance (DOF) secretary Ralph Recto.
The former senator sailed through his confirmation process after former colleagues in Congress lauded his achievements during his time as a legislator and National Economic Development Authority (NEDA) chief, and posed no objection to his appointment.
Senate President Juan Miguel “Migz” Zubiri formally announced the former senator’s confirmation after CA Assistant Minority chair Rep. Johnny Pimentel’s motion.
“What we need for our Secretary of Finance is someone who has the mind for the numbers but whose heart is firmly set to uplift the lives of our people. Someone who will work towards not only for the upwards trajectory of our GDP (gross domestic product), of our economy, but also ensure that whatever growth rate we achieve as a nation will be felt by our lower income and marginalized sector as well,” Zubiri said during the CA plenary session.
Sen. Ramon “Bong” Revilla Jr. chairman of the CA finance panel, and who steered Recto’s confirmation said he believes the DOF, under Recto’s hem, is in good hands.
“He described the former colleague as a “distinguished individual who possesses the expertise and commitment needed to lead our nation towards economic prosperity and fiscal stability... a highly esteemed public servant, man of exemplary dedication, and an epitome of brilliance and unwavering commitment to public service,” Revilla said when he endorsed Recto’s appointment at the committee hearing.
Sen. Ronald “Bato” Dela Rosa also threw his support for Recto as DOF chief, saying “ he is the man for the job.” Sen. Jinggoy Ejercito Estrada also said that as the Senate’s then resident economist, Recto is “very qualified for the post and knows the ropes of the job.”
In his opening statement before the CA panel, Recto bared his priorities as DOF chief, including increasing government revenues to effectively execute the 2024 national budget.
Recto also said the government will be pursuing only tax measures that “are already in the advance stages in Congress.”
He also assured there would be no new tax measures until at least next year.
At the same time, Recto also expressed his support to the propsoed changes in the economic provisions of the Constitution as this would lead to more investments, economic growth and tax collection.
“I think there are more pluses, upside than downside (about the measure). Of course, more investments to grow the economy, more taxes to be collected,” he said.
Recto also assured he has no plans to run in the 2025 elections and that he is serving at the pleasure of the President.