23-05-2025
Marcos economic team intact as secretaries, special adviser retained
President Ferdinand Marcos Jr. has retained the composition of his administration's economic team following his call for his Cabinet members to file courtesy resignations.
At a news conference on Friday, Executive Secretary Lucas Bersamin said the President chose "after careful evaluation" to retain Trade Secretary Ma. Cristina A. Roque, Finance Secretary Ralph G. Recto, Economic Planning and Development Secretary Arsenio M. Balisacan, Budget Secretary Amenah F. Pangandaman, and Special Assistant to the President for Investment and Economic Affairs Frederick Go.
'Itong lima na ito ay magpapatuloy sa kanilang panunungkulan, paninilbihan sa taumbayan at makakaasa kayo na sila naman ay sinsero o dedicated sa kanilang sinumpaang katungkulan,' Bersamin said.
(These five will continue to serve the people and you can be assured that they are sincere or dedicated to their sworn duties.)
Following Marcos's call for his Cabinet secretaries to submit their courtesy resignations after his pronouncement that the results of Eleksyon 2025 showed that the people are "tired of politics and they are disappointed with the government,' members of the economic team have immediately complied.
In a statement, Pangandaman, who chairs the Cabinet-level macroeconomic and fiscal-targeting Development Budget Coordination Committee (DBCC), said she was 'tremendously grateful to President Ferdinand R. Marcos Jr. for the steadfast trust, support, and confidence he has bestowed not only upon me but upon the entire economic team.'
'This has only reaffirmed my own commitment to public service and reignited my determination to work even harder for our nation and our people," Pangandaman said.
"And certainly the entire economic team is one in reinforcing our shared vision for an even more prosperous economy. I would also thank the many business groups, public service institutions, CSOs, and individuals who sent me messages of support,' she added.
'We have always been one with the President in working towards our Agenda for Prosperity while pursuing an open government that is transparent and accountable," Pangandaman said.
With the boost of confidence from the President and as the economic managers review the
Medium Term Fiscal Program and as the Department of Budget and Management enters budget deliberations, Pangandaman said she was renewing her commitment to "an economic transformation that is inclusive and sustainable, fulfilling the needs and aspirations of the Filipino people, including the next generations."
Marcos' chief economic manager, Recto, also thanked the President.
'I thank the President for his continued trust. More than a vote of confidence, I take this as a marching order to push harder and deliver results faster, and thus we will also do our own recalibration within the department," Recto said.
Recto said the DOF would not stop in ensuring that every Filipino family would feel the effects of progress.
Balisacan also thanked Marcos "for his continued trust and confidence and assure him of the Department of Economy, Planning, and Development's continued efforts, together with members of the Economic Team, to steer the economy to a prosperous, inclusive, and resilient future where every Filipino benefits from our nation's progress."
Go and Roque have yet to issue their statement about their retention in the Marcos administration's Cabinet.
The Marcos administration's economic team is lookig 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 an economic growth rate of 6% to 8% between 2025 and 2028. –NB, GMA Integrated News
