After weeks of speculation, President Ferdinand “Bongbong” Marcos, Jr. has confirmed the appointment of Batangas representative and House Deputy Majority Leader Ralph Recto as the new Finance secretary.
Marcos on January 12 led the oath-taking ceremony for Recto, as well as the new Special Assistant for Investment and Economic Affairs Frederick Go.
During the event, the President stressed the economic struggle in the country brought by El Niño and geopolitical tension.
Marcos also expressed his confidence that Recto and Go could initiate the necessary reforms to grow the country’s industries and control inflation.
Outgoing finance secretary Benjamin Diokno will return to the Bangko Sentral ng Pilipinas (BSP), where he served as Governor from 2019 to 2022, as a member of the Monetary Board.
“We cannot finish this event here this afternoon without a very heartfelt and warm wish and gratitude to Secretary Ben Diokno for the services that he has given to the Department of Finance in his time as Department of Finance [Secretary],” Marcos added.
Businessman Eduardo Aliño also took his oath as administrator of Subic Bay Metropolitan Authority (SBMA).
Aliño is the chairman of Subic Bay Yacht Club, Chairman and President of S.T.A.R. Group of Companies, and President and Chairman of Subic Bay Freeport Grain Terminal Services, Inc., among others.
Outgoing SBMA Administrator Jonathan Tan was sworn in as the incoming undersecretary for the Department of Interior and Local Government (DILG). Tan is the former mayor of Pandan, Antique, and owns and leads construction and trading companies.
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