Business groups welcome Recto as new DoF chief

Business groups welcomed the appointment of Senator Ralph Recto as the new finance chief whom they said has the political acumen, broad economic knowledge, and strong will to navigate global challenges and inefficiencies in government agencies.

“I think he has the political clout to push for changes with support both from the House of Representatives and the Senate,” Philippine Chamber of Commerce and Industry president George Barcelon told the Daily Tribune.

Recto held several positions in the legislative and executive departments.

He served as a representative of Batangas 4th district before becoming a senator.

Recto was also appointed by then President Gloria Macapagal-Arroyo as director general of the National Economic and Development Authority.

Among his other contributions include leading the Senate’s Committee on Ways and Means, and co-creating the 1997 Comprehensive Tax Reform Program at the lower legislative chamber.

Keen awareness of issues

“With his broad background, he has a keen awareness of the issues that have to be addressed,” Barcelon said.

Barcelon described Recto as a “fearless” leader who also proposed laws on education and nutrition, among many others.

“Recto is a good choice. He was not afraid to push for unpopular measures such as the value-added tax,” Makati Business Club chairman Edgar Chua added.

Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. also deems Recto as “level-headed” and “practical.” Luis stressed, “He listens.”

The Bankers Association of the Philippines also expressed confidence in Recto, highlighting his economic background which will help ensure the country survives or even thrives amid global challenges.

“While the Philippine economy continues to grow due to its strong fundamentals, it is currently facing local and global economic headwinds such as inflation,” BAP president TG Limcaoco said.

Ideal fit for the job

“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 added.

Barcelon and Luis shared the same view in terms of areas that need to be prioritized by Recto, that is, the purging of the Bureau of Internal Revenue and the Bureau of Customs of corrupt officials, removing “useless” processes in those agencies, and growing local businesses.

“Ease of doing business in these agencies is of concern. I hope he could do what the president wants, which is rightsizing,” Barcelon said.

This means, he said, simplifying operations and making them transparent so that the Philippines can effectively attract more foreign investments.

“The flow of goods in and out should be as fast as possible because if it’s delayed, businesses have to pay for storage charges,” Barcelon said.