Finance Secretary Ralph G. Recto has paid tribute to his predecessors during a dinner reception for past Department of Finance (DOF) secretaries and officials, highlighting their crucial roles in keeping the Philippine economy strong and stable throughout periods of crisis.

“Today’s gathering can also be rightly called as a reunion of survivors of economic crises, of veterans of wars against deficits, because of the 43 finance secretaries the country had, none had the luxury of being spared of confronting one,” he said in his remarks for the Secretary’s Hour toast on April 30, 2024 at the Ayuntamiento.

The reception was held in celebration of the DOF’s 127th anniversary on April 24, 2024.

Secretary Recto recounted how his predecessors successfully steered the Philippines in turbulent times in history and how their actions have accumulated into the fortitude, tenacity, and professionalism that define DOF today.

“These can be words in the coat-of-arms of this fighting unit, if ever there was one,” he emphasized.

He recognized the past finance secretaries present during the dinner reception, starting with Carlos Dominguez who he praised for successfully keeping the Philippine economy afloat during the COVID-19 pandemic in 2020, which brought the global economy to a standstill.

Meanwhile, he acknowledged the efforts of Cesar Purisima and Cesar Virata who both raised much-needed funds to rebuild the economy and support the victims of two of the country’s most devastating typhoons. 

Virata was at the helm of DOF when both super typhoon Yoling and The Great Central Luzon Flood devastated the country in 1970. Meanwhile, Purisima was the Finance Secretary when super typhoon Yolanda–one of the most powerful tropical cyclones ever recorded–struck the Philippines in 2013.

He likewise lauded Bobby de Ocampo who manned the fort to fend off the contagion of the 1997 Asian Financial Crisis, and a decade later, Gary Teves who masterfully shielded the country from the fallout of the Great Recession of 2008.

He also recognized Jose Pardo for managing the economy well despite the political turbulence in the 2000s.

“Indeed, we stand on the shoulders of these giants. So tonight, as we mark the 127th anniversary of the DOF, please allow us to pay tribute to your hard work that has allowed this crucial institution to thrive through tests and time,” Secretary Recto stressed.

The incumbent Finance Chief assured his predecessors of his commitment to uphold the tradition of sound fiscal policy-making and to build on the heritage of excellence that they have left behind.

Moreover, he said he is very fortunate to inherit not only a robust institution but a team of highly talented DOF employees, whom his predecessors have inspired to embrace the nobility of civil service.

“So at this juncture, allow me to share a toast in honor of my illustrious predecessors and former officials who brought the Department of Finance visionary foresight, policy acumen, and excellent public service,” Secretary Recto said in closing.

In a video message, President Ferdinand R. Marcos, Jr. expressed his profound gratitude to the present and former finance secretaries and employees of the DOF for ensuring that the country’s fiscal policies are beneficial and responsive to the needs of every Filipino.

“Your service, your guidance, your wisdom has enabled our nation to overcome all the challenges that have come along our way. Today, under the leadership of Secretary Ralph Recto, I trust that the DOF will continue to effectively translate these policies into real and tangible results,” the President remarked. 

Aside from the past DOF Secretaries and officials, also present during the dinner were House Speaker Martin Romualdez; Department of Budget and Management (DBM) Secretary Amenah Pangandaman; National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan; and Monetary Board Member Rosalia De Leon.

On the DOF’s side, Chief-of-Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco, as well as Undersecretaries Bayani Agabin; Catherine Fong; Renato Reside; Maria Edita Tan; Rolando Tungpalan; Charlito Mendoza; and Domini Velasquez attended the event.

It was also attended by Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui; Bureau of Customs (BOC) Commissioner Bienvenido Rubio; National Treasurer Sharon Almanza; Bureau of Local Government Finance (BLGF) Executive Director Consolacion Agcaoili; Privatization and Management Office (PMO) Chief Privatization Officer Maan Doctor; Securities and Exchange Commission (SEC) Chairperson Emilio Aquino; and Insurance Commissioner Reynaldo Regalado.

Also present were Landbank President and CEO Lynette Ortiz; Philippine Guarantee Corporation (PHILGUARANTEE) PCEO Alberto Pascual; and Philippine Deposit Insurance Corporation (PDIC) PCEO Roberto Tan.

###