MANILA — Malacañang on Monday reaffirmed its confidence in Finance Secretary Ralph Recto, debunking persistent social media rumors that he has resigned from his post amid speculation of a Cabinet reshuffle.
“Not true,” Palace Press Officer Claire Castro told reporters in a text message, dismissing the online claims that the administration was already considering two veteran economists to replace Recto.
The Finance Secretary, who assumed office in January 2024, has been one of President Ferdinand Marcos Jr.’s key economic managers, known for his firm fiscal discipline and conservative stance on government spending.
Just last week, Recto reiterated his opposition to proposals lowering the Value-Added Tax (VAT) rate from 12 percent to 10 percent, warning that such a move “has consequences.”
He also sought to restrict the use of unprogrammed appropriations — funds recently linked to irregularities in flood control projects — limiting their release to calamity response and foreign-assisted programs only.
Recto, a former senator and National Economic and Development Authority (NEDA) chief under the Arroyo administration, earlier tendered a courtesy resignation in May 2025 following President Marcos’ directive to recalibrate the Cabinet.
The President, however, rejected his resignation, affirming his trust in Recto’s stewardship of the nation’s finances.
Appointed for his legislative expertise in economic reform and fiscal policy, Recto remains at the forefront of the government’s efforts to balance growth targets with prudent fiscal management./PN
