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Ralph Recto stays as DOF chief, says Palace
Malacañang has denied rumors circulating on social media that Finance Secretary Ralph Recto has resigned from his post.
Palace Press Officer Claire Castro explicitly stated that the resignation rumors are "not true" when questioned by reporters.
The rumors claimed that the Presidential Palace was already considering two financial experts to replace Recto.
Recto was appointed as Finance Secretary in January 2024 by President Ferdinand Marcos, Jr., who highlighted his legislative experience in promoting fiscal reforms.
Recently, Recto expressed reservations about lowering the Value-Added Tax (VAT) from 12% to 10%, citing potential negative consequences, a stance that has fueled online controversy.
Recto also noted that up to P118.5 billion a year is lost to flood control corruption scams.
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