No election plans next year, Recto says

MANILA, Philippines —  Finance Secretary Ralph Recto has committed to stay in the Cabinet, effectively dismissing questions of yet another short-stint in the economic team as he lets go of immediate political plans.

On the sidelines of his confirmation as DOF chief yesterday, Recto said that he would not run for any position in the 2025 mid-term polls.

“I serve at the pleasure of the President. I have no plans of running next year. Nothing will change my mind,” Recto told reporters.

“This is our calling. The President asked us to assist his administration. And we want his administration to succeed for all of us to succeed,” he said.

As a long-time politician, Recto was previously rumored to only serve for a short time at the DOF.

This developed as the economic team head was reportedly eyeing a comeback in his hometown in Batangas while his wife, actress and former lawmaker Vilma Santos, is vying for a Senate seat.

For now, Recto is sticking at the DOF to consolidate the country’s finances impacted by the pandemic.

As expected, Recto also breezed through the powerful Commission on Appointments as lawmakers accorded him courtesy of a swift confirmation for having served both chambers of Congress in the past.

Recto maintained that his priorities remain, which is to collect revenues for the government and make it easy for investors to do business in the country to generate more jobs.

Recto, likewise, reiterated his previous stance of no new taxes this year even amid the country’s record debt level.

“I’m not worried about our debts because two-thirds of that, we owe it locally, only a third is foreign,” Recto said.

“What is important is the economy growing faster than the rate of growth of our debt,” he said.

As the needs of the growing population outpace revenues, the finance chief noted that the temptation to inflict taxes is there.

But he said such must take a backseat to growing the economy, plugging tax leaks, improving tax administration and preventing wasteful expenditures.

Further, Recto also expressed his favor on the proposed changes in the economic provisions of the Constitution, noting that there are more upsides than downsides.

“Of course, there will be more investments. You grow the economy and more taxes will be collected,” Recto said.