Businesses, bankers laud Recto's appointment as DOF chief

The business and banking sectors expressed their support for newly appointed Finance Secretary Ralph Recto on Friday.

In a statement, Philippine Chamber of Commerce and Industry (PCCI) president Enunina Mangio said the group welcomes Recto’s appointment to the helm of the Department of Finance (DOF), replacing Benjamin Diokno.

Recto took his oath before President Ferdinand Marcos Jr. on Friday.

“Senator Recto is perfectly suited for the job. He has the experience, expertise, and political backing that are critical if he is to oversee the strengthening of the country's economic and fiscal positions. He has led the National Economic and Development Authority and authored and sponsored landmark measures that have helped the country weather economic crises, even [though] some were unpopular," Mangio said.

The PCCI chief was referring to the Expanded Value-Added Tax, the Rice Tariffication Law, and the Rent Control Act, among others.

Mangio added that the PCCI, the country’s largest business organization, is hoping that the new finance chief “will continue to push for policies and reforms that are supportive of the growth of businesses and to ensure that the country's economic gains are sustained.”

She said the PCCU has been an active partner of the DOF in various initiatives, including the comprehensive tax reform program and improving the tax regime.

“We look forward to continuing [to work] and collaborating with the government to drive our economy forward,” she added.

Bankers Association of the Philippines (BAP) president Jose Teodoro Limcaoco said Recto is equipped with the necessary experience to promote Philippine economic growth through the implementation of effective fiscal policy, having served as NEDA chief and as a senator who has advocated for pro-growth laws.

“While the Philippine economy continues to grow due to its strong fundamentals, it is currently facing local and global economic headwinds such as inflation. The country needs an experienced economist who can navigate the ongoing challenges of this operating environment, and Secretary Recto is an ideal fit for this job,” he said.

The BAP chief said that Recto, as the head of the Marcos administration’s economic team, will play a critical role in the reformation of fiscal and economic policies, together with balancing political realities. 

“We are confident that he will succeed in his role, to the benefit of the Filipino public,” said Limcaoco.

She also expressed gratitude to Diokno, who “was a key figure in steering our economy throughout various challenging times, and as such, his leadership has led to a Philippines that is poised to further grow in the years to come.” —VBL, GMA Integrated News