President Ferdinand Marcos Jr appointed former Batangas Representative Ralph Recto as the new Department of Finance (DOF) Secretary, vice Benjamin Diokno, on 12 January 2024.
The new DOF chief highlighted the need to build robust economic fundamentals made by his predecessors. He emphasized the need for reforms on the following e.g., Retail Trade Liberalization Act (RTL), the Foreign Investments Act (FIA), and the Public Services Act (PSA), which are all expected to increase investments in infrastructure, industry, and services aimed to reach P4.3 trillion in revenues to produce more employment and social services in 2024.
Concurrently, Sec. Recto also serves as a member of the Export Development Council (EDC), championing export development in the country. JVL
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