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Manila Bulletin devider Business devider Recto ready to make tough calls in pursuit of progress

Recto ready to make tough calls in pursuit of progress

Published Mar 22, 2024 02:23 am

Politician-turned-finance chief, Ralph G. Recto, has expressed his readiness to make tough decisions, even if they may not be popular with many.

Speaking before members of the Economic Journalists Association of the Philippines (EJAP) on Thursday night, March 21, Recto asserted that he has set his “political habits at the door” upon assuming his role at the Department of Finance (DOF).

While he values staying connected to external realities, Recto pointed out, “I am not cut out do hard decisions.”

“To those who still doubt, they have to examine how I fared in many legislative skirmishes that I happily waded into in the House [of Representatives] and the Senate,” Recto said.

“My decisions were never dependent on where the political wind blows,” the official added.

Recto is known for spearheading the controversial expanded value-added tax (EVAT) law in 2005, which raised the consumption levy from 10 percent to 12 percent.

Despite facing criticism, the EVAT law was recognized as an important fiscal reform that bolstered the Philippines against economic headwinds, albeit at the cost of Recto's political career in 2007.

“I am no fan of safe harbors. I believe that to move forward, one must sail against the wind,” Recto said.

Under Recto's leadership, the DOF’s emphasis is on sparing Filipinos from additional tax burdens by abstaining from pushing for additional reforms that could increase taxes.

The chief economic manager of the Marcos administration said he will only prioritize the five pending tax reform measures, suffice to refine the government's fiscal toolkit and modernize the Philippine tax system.

Rather than pushing for new taxes, Recto also said that they will improve tax administration in the Bureau of Internal Revenue (BIR) and the Bureau of Customs.

“This is not Fortress DOF that is impervious to what is happening outside, where tabletop simulations ignore realities on the ground,” Recto said.

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Department of Finance (DOF) ralph recto Finance Secretary
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