Recto’s appointment as DOF chief ‘not changing horses in midstream’ — Marcos

MANILA, Philippines — President Ferdinand Marcos Jr. said on Friday that the appointment of Finance Secretary Ralph Recto did not mean the government was “changing horses in midstream.”

During a press briefing, Marcos presented Recto to the media alongside Frederick Go, who is the new Special Assistant to the President for Investment and Economic Affairs.

“We are not changing horses in midstream. We are continuing the policies that we had laid out in the beginning,” said Marcos.

READ: Bongbong Marcos picks Recto as new finance chief – media

Marcos said that the policies and fiscal policies will remain the same.

“It would be, I would think, poor judgment on our part, having seen the effects of the changes of policy, the changes in structure in, as you would say, in the middle of our progress,” said Marcos.

READ: Diokno: PH economy, DOF are in better state than when I inherited them

According to Marcos, former Finance Secretary Benjamin Dioko was meant to retire in 2023 but was asked to stay at his post. Recto will take over the reins with Diokno returning to the Banko Sentral ng Pilipinas.

“He felt that it was time for him to return to his natural habitat, if you will, in the Banko Sentral and in the Monetary Board,” the President said.