President Ferdinand R. Marcos, Jr. has rejected the courtesy resignation of Finance Secretary Ralph G. Recto, reaffirming his full trust and confidence in Secretary Recto’s leadership to steer the nation’s economic agenda and deliver inclusive growth for all Filipinos. The announcement was made by Executive Secretary Lucas Bersamin during a press conference, where he also confirmed the retention of four other key economic managers.
Executive Secretary Bersamin praised Secretary Recto, stating, “Secretary Recto, from day one of his service—he came in midway—he was immediately an action man.” This sentiment underscores the administration’s belief in Secretary Recto’s proactive approach and significant contributions since assuming the role.
Upon the President’s decision, Secretary Recto expressed his gratitude and renewed commitment. “I thank the President for his continued trust. More than a vote of confidence, I take this as a marching order to push harder and deliver results faster,” he stated. “And thus, we will also do our own recalibration within the department. As President Bongbong Marcos stated, we at the DOF will not stop ensuring that every Filipino family feels the progress.”
Secretary Recto was among the first Cabinet members to submit his courtesy resignation without delay or reservation, in full recognition of the President’s directive for a comprehensive performance review. This review aimed to assess capabilities and ensure alignment with the administration’s goals.
The decision to retain Secretary Recto comes amidst widespread support from various sectors. Business groups, economists, and academics had strongly urged the President to keep the outperforming Finance Chief in his cabinet. The Makati Business Club (MBC) notably expressed its approval of the Marcos, Jr. administration’s economic team, citing their strong track record. Rafael Ongpin, MBC Executive Director, remarked, “We at the Makati Business Club have a lot of respect, especially for the economic cluster. We like these guys. We think they’re the best people for the job.”
Economists from the banking and financial sectors echoed this positive sentiment. Professor Emmanuel Leyco, Chief Economist at Credit Rating and Investors Services Philippines Inc., noted, “In the business sector, big entrepreneurs, from what I hear, they are happy with the current economic team—the DOF, in particular.” De La Salle University Assistant Professor Maria Ella Oplas praised the team’s competency-based appointments, stating, “One of the things I like about the economic team is the idea that they do not necessarily belong or are associated with BBM’s camp. They were hired for their competencies… These are individuals who have proven that politics can be set aside for economic growth.”
Economist Bienvenido Oplas, Jr. also lauded Secretary Recto’s innovative mindset and firm stance on reforms that have attracted more investments, improved tax administration, and enhanced revenue mobilization. Even Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. had anticipated the retention of the economic team, citing their high level of professionalism and effective policies.
The decision to retain Secretary Recto signifies the administration’s commitment to maintaining economic stability and continuing the momentum towards sustained and inclusive growth for the Philippines.
