Diokno out, Recto in as Finance Secretary

Batangas Rep. Ralph Recto has been named as the new chief of the Department of Finance, his wife, ex-lawmaker Vilma Santos-Recto, confirmed on Thursday, ending months of speculations.

The actor said Recto will take his oath on 12 January, which will be held after lunch in Malacañang.

“He was given the trust because he is such a good economist,” Santos-Recto said.

Recto will replace incumbent DoF Secretary Benjamin Diokno, who categorically denied rumors that he would be ousted from the post in September last year since he is being eyed to lead the Maharlika Investment Corporation.

As early as September, Recto has been said to be on the verge of being promoted as the new DoF chief, but he remained mum on the issue.

His participation in President Ferdinand Marcos Jr.’s entourage during an official visit to the United States in November further fueled speculations about the appointment.

Before his stint in the Senate, Recto first served as a representative of the 4th District of Batangas in 1999.

He won a seat in the Senate in 2001 and 2010 and got re-elected in 2016.

Recto also joined the Arroyo cabinet in 2008 as director general of the National Economic and Development Authority.

A fellow tax reformer, Albay Rep. Joey Salceda, welcomed the appointment of Recto, whom he said brought a wealth of experience in economic legislation with Congress members.

“This experience and network will be crucial in enacting meaningful reforms to address [the] cost of living, create employment, and expand our fiscal space,” he said.

Recto chaired the Committee on Ways and Means in the Senate and was one of the authors of the 1997 Comprehensive Tax Reform Program during his tenure in the House, according to Salceda.

Meanwhile, he looked forward to crucial tax reforms pending in the Senate to roll faster with Recto’s appointment, considering his longstanding relationship in the chamber, “as well as his ability to broker viable compromises.”