Seeking to put an end to speculation of a major Cabinet reshuffle, particularly involving the government’s economic managers, Finance Secretary Frederick Go said he will remain at the Department of Finance, belying reports he was being transferred to the Department of Trade and Industry.

“That’s not true. If it’s fake, let’s not entertain those rumors,” Go said.

In recent weeks, Go has been the subject of speculation he would replace Trade Secretary Cristina Roque as head of the DTI.

The rumors surfaced against the backdrop of a broader Cabinet recalibration under President Ferdinand Marcos Jr.

In 2025, Marcos called for the courtesy resignations of all Cabinet members following the administration’s disappointing performance in the midterm elections, saying the move would allow him to assess government agencies’ performance and realign his administration’s priorities.

The shake-up eventually led to changes in several key posts, including the appointment of Go as finance secretary after he had served as the President’s investment adviser.

Since then, periodic reports of further Cabinet changes have circulated, particularly involving the government’s economic team. Go’s statement put to rest the latest speculation.

As finance chief, Go said he will continue to pursue investment leads for the country.

President Marcos earlier denied a major Cabinet revamp was in the offing, only appointing former Interior and Local Government Secretary Benhur Abalos as Cabinet Secretary with the mandate to coordinate Cabinet meetings, listen to public concerns, and ensure that government programs are effectively delivered across the country.

Bold reset

The most sweeping Cabinet changes came in May 2025, when Marcos asked all the secretaries to submit their courtesy resignations after his administration’s poor showing in the midterm elections.

He described the exercise as a “bold reset” to recalibrate his government.

Despite widespread speculation, Marcos retained most of his core economic managers, including then Finance Secretary Ralph Recto, Budget Secretary Amenah Pangandaman, Trade Secretary Cristina Roque, DepDev Secretary Arsenio Balisacan, and Executive Secretary Lucas Bersamin.

He also kept Defense Secretary Gilberto Teodoro Jr., Justice Secretary Jesus Crispin Remulla, and Interior Secretary Jonvic Remulla in their posts.

Scandal effect

At the height of the flood control scandal, President Marcos carried out one of the most consequential Cabinet shakeups of his administration after allegations touched senior officials in Malacañang.

Most of the juggling occurred after the Iglesia ni Cristo’s (INC) Rally for Transparency and a Better Democracy on 16 November 2025 at Rizal Park that drew an estimated 650,000 participants.

The most prominent changes then were: Executive Secretary Lucas Bersamin, who resigned after his office was mentioned in allegations tied to the flood control controversy, replaced by then Finance Secretary Recto.

Budget Secretary Amenah Pangandaman also resigned after the Department of Budget and Management (DBM) was implicated. Budget Undersecretary Rolando Toledo was designated officer-in-charge.

Adrian Carlos Bersamin, who served as undersecretary at the Presidential Legislative Liaison Office, also resigned. Like his uncle and Pangandaman, he denied any wrongdoing.

Earlier, Public Works and Highways Secretary Manuel Bonoan resigned amid the mounting scrutiny of flood control projects. He was succeeded by Vince Dizon.