Finance Secretary Ralph G. Recto remains at the helm of the Department of Finance (DOF) after President Ferdinand R. Marcos, Jr. rejected his courtesy resignation, affirming trust and confidence in his leadership to drive the administration’s economic goals and deliver inclusive growth for Filipinos.

Executive Secretary Lucas Bersamin announced during a press conference that the President retained Secretary Recto and four other economic managers for their strong performance and key role in driving economic recovery and growth.

“[S]i Secretary Recto, from day one of his service–he came in midway–siya naman ay kaagad…action man ‘yan, eh,” the Executive Secretary said.

“I thank the President for his continued trust. More than a vote of confidence, I take this as a marching order to push harder and deliver results faster, and thus we will also do our own recalibration within the department. Gaya po ng pahayag ni Pangulong Bongbong Marcos, hindi kami titigil sa DOF na siguraduhin na nararamdaman ng bawat pamilyang Pilipino ang progreso,” Secretary Recto said in response.

President Marcos, Jr. earlier called on all Cabinet members to tender their courtesy resignations as part of a comprehensive performance review to assess their capabilities and ensure alignment with the administration’s agenda.

Secretary Recto was among the first Cabinet members to comply with the directive “without delay nor reservation”, in full recognition of the President’s desire to put the people and country first.

Following his courtesy resignation, several business groups, economists, and members of the academe have called on the President to keep the outperforming Finance Chief in his cabinet.

The Makati Business Club (MBC) has expressed approval of the Marcos, Jr. administration’s economic team, given their strong track record in pursuing policies aligned with strengthening the economy.

“We at the Makati Business Club have a lot of respect, especially for the economic cluster. We like these guys. We think they’re the best people for the job,” MBC Executive Director Rafael Ongpin said in a press conference.

Economists from the banking and financial sectors have also reported positive ratings on the economic team’s performance.

“Sa business sector, malalaking negosyante, ang rinig ko, they are happy with the current economic team – ang DOF, in particular,” Professor Emmanuel Leyco, Chief Economist at the Credit Rating and Investors Services Philippines Inc., said.

“One of the things I like about the economic team is the idea that they do not necessarily belong or are associated with BBM’s camp. They were hired for their competencies,” De La Salle University Assistant Professor Maria Ella Oplas remarked.

“These are individuals who have proven that politics can be set aside for economic growth. These are individuals not politically affiliated with the President, yet they were hired for their competency to deliver, and they did,” she added.

Meanwhile, Economist Bienvenido Oplas, Jr. praised Secretary Recto for his innovative mind and firm stance on several reforms that have opened the country’s doors to more investments, improved tax administration, and revenue mobilization.

“President Ferdinand Marcos, Jr., you have seen the economic performance and legislative achievements of Secretary Recto. I hope you will reappoint him as DOF Secretary,” he said.

For his part, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. had also expected the President to reject the resignations of the economic team, citing its high level of professionalism.

“The economic team is very professional. They’ve been doing all the right things,” he said.