Finance Secretary Ralph G. Recto will continue to lead the Department of Finance (DOF) in the Philippines after President Ferdinand R. Marcos, Jr. rejected his courtesy resignation.

The President's decision underscores his trust in Recto's leadership, particularly in progressing the administration’s economic objectives and fostering inclusive growth for the Filipino population.

During a press conference, Executive Secretary Lucas Bersamin confirmed the retention of Secretary Recto alongside four other key economic managers, highlighting their significant roles in steering economic recovery and growth in the country.

He expressed confidence in Recto, noting his proactive nature since joining the administration mid-term.

In response to the President's decision, Secretary Recto expressed gratitude for the continued trust placed in him by President Marcos.

He interpreted the retention as a directive to enhance efforts within the DOF, ensuring that economic progress is tangible for every Filipino family.

Previously, President Marcos had requested all Cabinet members to submit courtesy resignations to facilitate a thorough review of their performance.

Recto was one of the first to comply with this directive, illustrating his alignment with the President’s emphasis on prioritizing the nation’s interests.

In the wake of his resignation submission, several influential business groups and economists advocated for his continued service, citing his strong performance as Finance Secretary.

The Makati Business Club (MBC) publicly endorsed the economic team, praising their effective policies aimed at economic strengthening.

MBC Executive Director Rafael Ongpin remarked on the positive reception of the economic managers by the business community.

Economists from various financial institutions have also conveyed favorable assessments of the current economic team’s performance.

Professor Emmanuel Leyco, Chief Economist at the Credit Rating and Investors Services Philippines Inc., noted satisfaction from major business leaders regarding Recto’s leadership at the DOF.

De La Salle University Assistant Professor Maria Ella Oplas emphasized the economic team’s non-political affiliations, stating that they were selected for their competencies, which are now evident in their performance.

Economist Bienvenido Oplas, Jr. lauded Secretary Recto for his innovative approach and rigorous reforms that have facilitated greater investment, enhanced tax administration, and improved revenue collection efforts in the Philippines.

Furthermore, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. indicated expectations that the President would retain the economic team, commending their professionalism and effective actions undertaken during their tenure.