Recto named Finance chief, Go sworn in as special assistant to the president

The Manila Times

Recto named Finance chief, Go sworn in as special assistant to the president  President Ferdinand Marcos Jr. announces the appointment of Ralph Recto as the new secretary of the Department of Finance. Frederick Go was also sworn in as the Special Assistant to the President for Investment and Economic Affairs.   Video by Catherine Valente  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe    Visit our website at https://www.manilatimes.net    Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion    Subscribe to our Digital Edition - https://tmt.ph/digital    Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer  Stitcher: https://tmt.ph/stitcher Tune In: https://tmt.ph/tunein  #TheManilaTimes  #tmtnews  #marcos #economy  #philippines

Transcript

00:00 I would like to please thank our newly appointed officers, their families, and our friends of the press.

00:15 Ladies and gentlemen, it is with a great deal of pleasure that I announce two extremely important appointments

00:23 that will impact the economic landscape of what we are aspiring for in modern Philippines.

00:31 So let me, first of all, since it is a new position, introduce Secretary Frederick D. Goh,

00:39 who has been appointed as Special Assistant to the President for Investment and Economic Affairs,

00:47 and a gentleman that I have not seen since very much introduction, as he has been in public life since we were very young congressmen together,

00:58 Secretary Brown Recto for the Department of Commerce in Nepal.

01:05 I trust that his fruitful years across many ventures have sharpened his acumen for the next big opportunity.

01:13 He will be at the forefront when we take that leap toward economic growth.

01:19 He has a vision of innovation, and Secretary Goh will help us create an environment that will not just draw in investment,

01:27 but realize it, ushering in an era of unprecedented growth across industries.

01:34 As the SAPEA, which is what the office is going to be named first, he will ensure the effective integration and implementation

01:44 of various investment and economic policies for the public.

01:48 But before I go on to talk about Secretary Rao, the reason that D. Goh was chosen for this particular position

01:57 is that all of you who have been traveling with me have heard from me often that we are not satisfied just with the assignment

02:08 and the presentation of the OU's and LOI.

02:12 And in our discussions, I always agree how to make this real.

02:17 And because many of these investments are going to be fully in the private sector, they can be PPPs, they can be joint ventures,

02:27 Maharlika Investment Fund might also be involved.

02:30 So his expertise lies exactly there.

02:35 Secretary Rettogh, whose name and place is familiar to all of us, he has already had a remarkable career in public service,

02:43 having excelled in various roles within the government.

02:47 He will be a major player on how we stay on the path of growth, meet and even surpass our medium-term fiscal target,

02:55 and achieve our developmental targets.

02:58 He will promote not just ease in paying taxes, but also in efficiently and effectively spending those collections,

03:06 because the citizens' reward for tax compliance should be better and more responsive public services.

03:13 Essentially, you have the National Development Plan to follow, and the chief architect of that is the President.

03:20 You have your macro-fiscal framework, and there is a plan, there is a roadmap, but essentially we will continue.

03:27 For next year, I think 4.3 trillion in taxes.

03:32 3 trillion with the BIR, 1 trillion with the DOC, and I think the Treasury is about 300 billion.

03:39 So it's all about fiscal sustainability.

03:42 And like I said, you have the National Development Plan to fund.

03:46 Incidentally, we will be borrowing 2.7 trillion next year.

03:50 So every night when I wake up in the morning, we should collect more or less 20 billion to fund all the needs of our people

04:00 and the requirements of government.

04:03 So we have to make sure that most of that money is spent wisely.

04:07 The idea is to stretch every peso, including acting faster on investment,

04:15 particularly the President just signed the new CBC law.

04:19 That will free up government resources for social services, investments also in building more jobs for our country.

04:28 And since the revenue measures of the House of Spots and the President have certified as urgent,

04:34 we will make sure that the Senate will be able to pass the bill.

04:38 Sir, can I ask you a question? Will you be implementing changes such as a reshuffle among the U.S. officials?

04:45 I don't expect to. You know, when I entered the EDA, I only brought one person with me.

04:50 And that was during the height of the global financial crisis.

04:54 I think we came out unscathed at that time.

04:57 Thank you, sir.

04:58 Calls for, number one, improving the ease of doing business.

05:03 Second would be reducing friction costs.

05:07 And third, finding solutions to navigate the bureaucratic challenges that we face.

05:15 And we have to make a strong case to the world why it makes the best here in the Philippines.

05:21 Thank you, sir.

05:22 Thank you.

05:23 [Silence]

05:27 [Mouse click]

05:29 [Bell ring]

05:30 [Silence]

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