In one of the most sweeping reorganizations under the Marcos administration, Department of Finance (DoF) Secretary Ralph Recto has been tapped as the country’s next Executive Secretary, while Special Assistant to the President for Investment and Economic Affairs Frederick Go will assume leadership of the DoF.

The restructuring, finalized in recent days, elevates two of President Ferdinand Marcos Jr.’s most trusted economic strategists to even more powerful roles.

Recto replaces Bersamin

Recto’s move to Malacañang was sealed after the president concluded that his experience and leadership made him the strongest choice to succeed Executive Secretary Lucas Bersamin.

The Executive Secretary – long regarded as the “Little President” – has broad administrative oversight over the Cabinet and serves as gatekeeper for decisions flowing into the Office of the President.

Recto, a seasoned legislator and former Senate President Pro Tempore before joining the Cabinet, is widely credited with maintaining fiscal stability during a period of global volatility and domestic spending pressures.

Go rises to DoF

With Recto’s elevation, the finance portfolio will now be turned over to Go, whom the president appointed in early 2024 as Special Assistant for Investment and Economic Affairs.

Go’s appointment to the DoF reflects the president’s confidence in his ability to steer the economy and lead investment policy at a crucial time for the administration. The move also formalizes what has already been a growing sphere of influence inside the government’s economic cluster.

As chair of the Economic Development Group (EDG), Go has been effectively co-steering economic strategy with operational reach over key agencies including the DoF, the Department of Budget and Management, and the Department of Trade and Industry.

He also sits on critical policy bodies such as the NEDA Board Committees and the Fiscal Incentives Review Board, giving him direct influence over decisions involving investment entry, tax incentives, and macroeconomic direction.

Consequently, Recto and Go have worked closely on reforms involving revenue collection, investor incentives and national spending priorities, and both are viewed as central architects of the administration’s economic roadmap.