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The Philippine Chamber of Commerce and Industry and the Federation of Philippine Industries expressed support for the recent appointments of Ralph Recto as Executive Secretary and Frederick Go as Finance Secretary
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Go officially assumed leadership of the Department of Finance on November 19, taking over from Recto
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The DOF is the mother agency of the Bureau of Customs and Bureau of Internal Revenue
The Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Philippine Industries (FPI) expressed support for the recent appointments of Ralph Recto as Executive Secretary and Frederick Go as Finance Secretary.
PCCI president Enunina Mangio in a statement commended President Ferdinand Marcos, Jr for the “key selections” which came at a “critical time”. She also cited Recto’s extensive legislative experience.
Mangio said: “The business community looks forward to working closely with both leaders in advancing reforms that enhance competitiveness, strengthen investor confidence and generate sustainable opportunities for Filipino enterprises.”
For her part, FPI Chairperson Beth Lee described the appointments as “key to restoring confidence and stability.”
She said: “Secretary Recto’s proven track record in fiscal management will strengthen coherence across government policies. Secretary Go’s extensive experience in investment promotion positions him well to sustain momentum in fiscal stewardship and investor confidence.”
In a related development, the PCCI, Financial Executives Institute of the Philippines, Institute of Corporate Directors, Makati Business Club, Management Association of the Philippines, and Philippine Finance Association affirmed their commitment in supporting a competitive, resilient, and inclusive economy.
In a joint statement, they said: “While the current political turmoil raises understandable concerns, we stress that the country’s long-term fundamentals remain strong; anchored by a well-regulated financial system, a stable banking sector, and companies that continue to invest in and believe in the Philippines.”
The groups added: “Equally important, private-sector investment has stayed strong. Over the last ten years, gross fixed capital formation in the Philippines has consistently ranged between 22% and 27% of GDP, with total investment surpassing P6 trillion in 2024. This ongoing level of capital spending, mainly driven by business growth, clearly indicates that Philippine companies continue to build capacity, expand operations, and invest in the country’s long-term prospects.”
Go officially assumed office on November 21. The Department of Finance is the mother agency of the Bureau of Customs and Bureau of Internal Revenue.
The appointments of Go and Recto were triggered by the departure of former Executive Secretary Lucas Bersamin and Budget Secretary Amenah Pangandaman from the Cabinet after their names were mentioned in the flood control projects controversy, according to Presidential Communications undersecretary and Palace press officer Claire Castro. Bersamin said he did not resign but was told to go.
Go expressed firm resolve “in his newfound mission of steering the Philippine economy towards greater heights, while ensuring the delivery of the government’s promises,” DOF said in a statement.
He encouraged the men and women of DOF to work together to meet challenges head-on and recommit to their shared responsibility of serving not just the institution, but the people.
“We are here to take action, improve lives, and make a difference through a government that is responsive and efficient. And so today, I accept this role with humility, resolve, and a full heart—ready to do the hard work, ready to lead and to build trust in government,” Go said.
He said he welcomes constructive suggestions and actionable ideas, noting that these contributions will strengthen the finance department’s efforts to deliver impactful and responsive solutions.
Prior to assuming his role as finance secretary, Go served as Special Assistant to the President for Investment and Economic Affairs, heading the Economic Development Committee.
He also held several key positions in the private sector including serving as president and chief executive officer of Robinsons Land Corporation, chairman of RL Commercial REIT, Inc., and chairman/vice chairman of the Luzon International Premier Airport Development Corp.
