Latest news with #RalphRecto
Bloomberg
23-05-2025
- Business
- Bloomberg
Marcos Keeps Philippine Economic Team, Replaces Top Diplomat
Philippine President Ferdinand Marcos Jr. retained his economic managers in a sign of policy continuity amid a Cabinet shakeup, while replacing his top diplomat as tensions with China linger. Finance Secretary Ralph Recto and Special Assistant to the President for Investment and Economic Affairs Frederick Go will keep their posts, Executive Secretary Lucas Bersamin said in a briefing on Friday. The ministers for trade, economic planning and budget will also stay on, he said.
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
Marcos keeps Philippine economic team, replaces top diplomat
Philippine President Ferdinand Marcos Jr retained his economic managers in a sign of policy continuity. (EPA Images pic) MANILA : Philippine President Ferdinand Marcos Jr retained his economic managers in a sign of policy continuity amid a cabinet shakeup, while replacing his top diplomat as tensions with China linger. Finance secretary Ralph Recto and special assistant to the president for investment and economic affairs Frederick Go will keep their posts, executive secretary Lucas Bersamin said in a briefing today. The ministers for trade, economic planning and budget will also stay on, he said. Marcos decided to keep his economic team 'to enhance our economy in the eyes of the outside world and here in the Philippines', Bersamin said. Keeping his economic team intact should help ease any investor concern about Marcos' unexpected move yesterday when he asked his entire cabinet to resign. There were worries the revamp could be disruptive to an economy that's facing global risks with US tariff talks underway for most nations. Manila's main stock index rose 1.7% today. The fate of the ministers managing the economy was being closely watched, after slower-than-expected growth in the first quarter. Marcos' call followed a drop in his popularity and his candidates' underwhelming performance in the midterm senate election last week. The retention of Go and trade secretary Cristina Roque will also help sustain Manila's efforts to lobby for lower US tariffs, after their recent talks with American officials. Meanwhile, the Philippine leader named veteran diplomat Maria-Theresa Lazaro as the new foreign affairs secretary, replacing Enrique Manalo. Lazaro has represented the Philippines in talks with Beijing on the South China Sea dispute. Lazaro's appointment comes shortly after tensions with China in the contested waters flared anew, with Manila accusing Beijing of once again using water cannon. The Philippines under Marcos has asserted its claims to the resource-rich waterway, while strengthening security ties with the US. Marcos also transferred energy secretary Raphael Lotilla to helm the environment department. Outgoing top envoy Manalo will become the country's permanent representative to the United Nations.
Bloomberg
23-05-2025
- Business
- Bloomberg
Philippines' Marcos Keeps Economic Team Amid Cabinet Shakeup
Philippine President Ferdinand Marcos Jr. retained Ralph Recto as his finance chief and the rest of his economic team amid a Cabinet revamp, signaling continuity in his economic agenda. Recto will keep his post, Executive Secretary Lucas Bersamin said in a briefing on Friday. The ministers for trade, economic planning and budget will also stay on, he said.
Khaleej Times
22-05-2025
- Politics
- Khaleej Times
Philippines' Marcos calls for 30 cabinet secretaries to quit in government 'reset'
Philippine President Ferdinand Marcos on Thursday called on about 30 cabinet secretaries to quit in a "bold reset" following his party's less than total victory in recent mid-term elections. Three secretaries announced their resignations as of Thursday morning, with a fourth saying she also intended to resign. The mid-term polls held last week were seen as a referendum on the current administration, and only six out of 11 Marcos-endorsed candidates secured a Senate seat. The 12 newly elected senators will join 12 others already in office as jurors at embattled Vice President Sara Duterte's impeachment trial, which could see the Marcos rival permanently barred from public office. The "bold reset" was aimed at giving Marcos room to evaluate the performance of each department and determine which officials "will continue to serve in line with his administration's recalibrated priorities", the Presidential Communications Office said in a statement on Thursday. "This is not about personalities; it's about performance, alignment, and urgency," Marcos said in the statement. "Those who have delivered and continue to deliver will be recognised. But we cannot afford to be complacent." The presidential palace added that government services would not be interrupted during the transition, and stability and meritocracy would guide the selection of his new executive team. Transportation Secretary Vince Dizon, Agriculture Secretary Francisco Tiu Laurel Jr. and Finance Secretary Ralph Recto announced Thursday that they have resigned from their posts. Department of Budget and Management Secretary Amenah Pangandaman also said she would submit her resignation.
Malay Mail
22-05-2025
- Politics
- Malay Mail
Philippines' Marcos calls for Cabinet resignations in ‘bold reset' after mid-term elections
MANILA, May 22 — Philippine President Ferdinand Marcos today called on about 30 cabinet secretaries to quit in a 'bold reset' following his party's less than total victory in recent mid-term elections. Three secretaries announced their resignations as of this morning, with a fourth saying she also intended to resign. The mid-term polls held last week were seen as a referendum on the current administration, and only six out of 11 Marcos-endorsed candidates secured a Senate seat. The 12 newly elected senators will join 12 others already in office as jurors at embattled Vice President Sara Duterte's impeachment trial, which could see the Marcos rival permanently barred from public office. The 'bold reset' was aimed at giving Marcos room to evaluate the performance of each department and determine which officials 'will continue to serve in line with his administration's recalibrated priorities', the Presidential Communications Office said in a statement today. 'This is not about personalities — it's about performance, alignment, and urgency,' Marcos said in the statement. 'Those who have delivered and continue to deliver will be recognised. But we cannot afford to be complacent.' The presidential palace added that government services would not be interrupted during the transition, and stability and meritocracy would guide the selection of his new executive team. Transportation Secretary Vince Dizon, Agriculture Secretary Francisco Tiu Laurel Jr. and Finance Secretary Ralph Recto announced Thursday that they have resigned from their posts. Department of Budget and Management Secretary Amenah Pangandaman also said would submit her resignation. — AFP
