Makati Business Club Supports Ralph Recto as New Department of Finance Chief

The Makati Business Club (MBC), comprising the country’s largest conglomerates and multinational corporations, has expressed its support for Ralph Recto’s appointment as the new secretary of the Department of Finance (DOF). In a statement released on Friday, the MBC pledged its assistance to Recto and conveyed wishes for his success in this crucial role. The business group emphasized the importance of continuous improvement of laws and policies to attract investments that create jobs.

Recto’s extensive experience in government roles, including stints in the National Economic and Development Authority (NEDA), the House of Representatives, and the Senate, was highlighted by the MBC. They particularly noted his authorship of the expanded VAT law of 2006 or RA 9337, viewing it as beneficial for addressing the country’s growing financial and economic challenges.

The MBC also acknowledged Recto’s predecessors, including Sec. Ben Diokno, for their contributions to the finance department, especially during the critical first year of the Marcos administration. Additionally, the Philippine Chamber of Commerce and Industry and the Bankers Association of the Philippines have previously expressed their support for the newly appointed DOF secretary.

Recto’s immediate focus as DOF chief includes prioritizing the collection of P4.3 trillion in taxes, demonstrating his commitment to tackling the nation’s fiscal responsibilities. He officially took his oath as the new Finance chief on Friday afternoon, signaling the start of a new chapter in Philippine economic management.