Economic team affirms support for Marcos amid Cabinet shakeup
President Ferdinand Marcos Jr. and some members of his economic team (Photo: Presidential Communications Office)
President Ferdinand Marcos Jr.'s alter egos overseeing the country's economic, trade, and investment sectors have complied with his call for the courtesy resignations of Cabinet secretaries as the chief executive aims to revamp his administration following the May 12 midterm elections.
In a statement, Marcos said that 'it's time to realign government with the people's expectations' on the heels of his pronouncement that the results of Eleksyon 2025 showed that the people are "tired of politics and they are disappointed with the government."
The President said his directive was meant to give him elbow room 'to evaluate the performance of each department and determine who will continue to serve in line with his administration's recalibrated priorities.'
The government's chief economic manager, Finance Secretary Ralph Recto, expressed full support for Marcos' decision.
'The President carries the heavy burden of leading the nation through complex global and domestic challenges. This bold decision was made with his desire to put people and country first. That I serve at the pleasure of the President is a thought that has never been lost on me from the day I assumed office,' Recto said.
'I have already submitted my courtesy resignation without delay nor reservation,' the Finance chief said.
Budget Secretary Amenah Pangandaman —who chairs the Cabinet-level macroeconomic-targeting Development Budget Coordination Committee (DBCC)—said, 'I will submit my resignation.'
'We all serve at the pleasure of the President. I support all of his decisions, knowing that they are always made with the best interest of the Filipino people in mind. We stand firmly with the President as he steers the nation and our economy forward with integrity, transparency, courage, and compassion,' Pangandaman said.
Economic Planning and Development Secretary Arsenio Balisacan told GMA News Online that 'I'm submitting my courtesy resignation today.'
'If deemed necessary, I stand ready to hand over the leadership to someone the President believes can better drive our nation's development goals,' Balisacan said in a separate statement.
Trade Secretary Cristina Roque said, 'I serve at the pleasure of the President and will follow his directive!'
Special Assistant to the President for Investment and Economic Affairs also confirmed he has submitted his courtesy resignation.
The Marcos administration's economic team is targeting to bring down the poverty rate to 9% by 2028. It also aims to reduce the country's debt-to-gross domestic product (GDP) ratio to below 60% by 2028.
It also hopes to achieve economic growth rate of 6% to 8% between 2025 and 2028. — VBL, GMA Integrated News
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