As the country continues to be gripped by a major corruption case and other political issues.
On Wednesday, November 19, President Ferdinand Marcos Jr. administered the oath of office to Acting Executive Secretary Ralph Recto and Acting Finance Secretary Frederick Go at the Malacañan Palace.
This came two days after Recto’s predecessor, Lucas Bersamin, was told to leave his position, with Recto vacating his previous post as the Finance chief to take over the role of being the President’s alter ego.
Recto previously served as Finance Secretary, and as member of the Monetary Board. He also served as Socioeconomic Planning Secretary and Director-General of the National Economic and Development Authority (NEDA) in 2008, as well as stints in both the lower and upper chambers of the legislature.
Meanwhile, Go, formerly Special Assistant to the President for Investment and Economic Affairs, also held several key positions in the private sector including serving as President and Chief Executive Officer (CEO) of Robinsons Land Corporation, Chairman of RL Commercial REIT, Inc., and Chairman/Vice Chairman of the Luzon International Premier Airport Development (LIPAD) Corp.
Castro said that the changes in leadership underscored President Marcos’ commitment to strengthening institutions, enhancing government coordination, and ensuring the administration remains focused on providing “stability, opportunity, and security” for Filipinos.
TIMELY PASSAGE OF 2026 BUDGET
Meanwhile, the Palace said that the government will be able to meet the target date for the passage of the 2026 national budget, despite the changes in the administration’s economic managers.
Palace Press Officer Usec. Claire Castro said the designation of new heads for the Department of Finance (DOF), as well as the Department of Budget and Management (DBM), would not disrupt the budget process.
At present, DBM Undersecretary Rolando Toledo replaced former secretary Amenah Pangandaman in an officer-in-charge capacity.
“We were able to talk to Secretary Go and according to him, (on the) reassignments of the Cabinet members to DOF and DBM, they are all the same people who worked on the budget, who worked on the finances. So there will be no problem with that,” said Castro.
The House of Representatives approved the PHP6.793 trillion budget plan last October, while the Senate is conducting last-stage plenary debates for the proposed 2026 national budget.
The Senate and the House of Representatives will then reconcile their respective budget versions through the bicameral conference committee and submit the final version to Malacañang for approval.