PRESIDENT Ferdinand R. Marcos Jr., has ended weeks of speculation as he formally sworn in Ralph Recto as the new Department of Finance secretary.

No less than President Marcos Jr., himself officiated the oath of office to Recto in Malacañang.

Likewise, Marcos also swore in Frederick Go as Secretary of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

Go will sit at a new office that is aimed to ensure effective integration, coordination, and implementation of various government investment and economic policies.

Earlier, key leaders applaud the appointment of Recto to the government.

The Philippine Chamber of Commerce and Industry (PCCI) through their president Enunina Mangio praised the appointment.

"Senator Recto is perfectly suited for the job. He has the experience, expertise, and political backing that are critical if he is to oversee the strengthening of the country's economic and fiscal positions. He has led the National Economic and Development Authority (NEDA) and authored and sponsored landmark measures that have helped the country weather economic crises, even [though] some were unpopular,” he said.

Also the PCCI chief said that the Expanded Value-Added Tax, the Rice Tariffication Law, and the Rent Control Act, helped the government.

The Bankers Association of the Philippines (BAP) through president Jose Teodoro Limcaoco noted that Recto is equipped with the necessary experience to promote Philippine economic growth through the implementation of effective fiscal policy, having served as NEDA chief and as a senator who has advocated for pro-growth laws.

“While the Philippine economy continues to grow due to its strong fundamentals, it is currently facing local and global economic headwinds such as inflation. The country needs an experienced economist who can navigate the ongoing challenges of this operating environment, and Secretary Recto is an ideal fit for this job,” he said.