Recto joins BSP’s Monetary Board

MANILA, Philippines — Newly appointed Finance Secretary Ralph Recto has formally assumed the role of the government’s representative to the seven-member Monetary Board, the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP).

Recto was sworn in at the BSP head office in Manila yesterday by BSP Governor and Monetary Board chairman Eli Remolona as the seventh member of the Monetary Board.

Recto will be the representative of President Marcos’ Cabinet to the Monetary Board.

Aside from Remolona, other members of the Monetary Board are former finance secretary Benjamin Diokno, former finance undersecretary Romeo Bernardo, former national treasurer Rosalia de Leon, former agriculture undersecretary Bruce Tolentino and seasoned banker Anita Linda Aquino.

The former House deputy speaker was appointed as the new secretary of the Department of Finance and took his oath at Malacañang on Jan. 12, replacing Diokno who was appointed to a six-year term as a private sector representative in the Monetary Board.

Prior to his appointment, Recto was elected as the 6th District representative of Batangas and one of the deputy speakers in the House of Representatives.

Recto’s extensive political career includes three terms in the Senate (from 2001 to 2007 and from 2010 to 2022), where he held key positions such as Senate president pro tempore (16th to 18th Congress) and Senate minority leader (17th Congress).

He started his political career as the representative of the 4th District of Batangas from 1992 to 2001.

He was also a member of the country’s economic team as socioeconomic planning secretary of the National Economic and Development Authority in 2008.

As a legislator, Recto pursued numerous tax measures and economic reforms meant to address the cost of living, generate meaningful employment and expand the country’s fiscal space.

Among the major laws he principally authored or sponsored were the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the Universal Healthcare Act, the Rice Tariffication Act, the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, the General Tax Amnesty, the Rationalization of Excise Tax on Automobiles and the Social Reform and Poverty Alleviation Act.

During the COVID-19 pandemic, Recto co-authored the Bayanihan to Recover as One Act and the Bayanihan to Heal as One Act as well as initiated budget priorities that were necessary not only to stem the spread of the virus but also to speed up economic recovery.

He has also supported initiatives intended to soften the impact of an economic downturn, such as the Financial Institutions Strategic Transfer Act and the Corporate Recovery and Tax Incentives for Enterprises Act.

Recto holds a bachelor’s degree in Commerce majoring in Business Management from the De La Salle University in Manila. He took up his master’s degrees in Business Economics from the University of Asia and the Pacific; and in Public Administration from the University of the Philippines.

Recto also completed a Leadership Course at the John F. Kennedy School of Government at Harvard University.