Recto hits the ground running in meetings with DOF agencies

Following his official assumption of office, Finance Secretary Ralph G. Recto wants to hold a series of meetings with the officials of all attached agencies and bureaus under the Department of Finance (DOF) this week.

On Monday, Jan. 15, Recto immediately led briefings with key DOF offices, following the ceremonial turnover of leadership earlier in the day.

Recto took his oath before President Marcos on Friday, Jan. 12, replacing erstwhile finance chief Benjamin Diokno, who will be moving on to the Monetary Board (MB).

According to the DOF, the new finance chief is also slated to hold briefings with the heads of the department’s attached agencies and bureaus throughout the week.

The DOF oversees more than 70 government bodies, with the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) being two of the most crucial agencies.

Together, the BIR and the BOC are accountable for generating nearly 90 percent of the national government’s yearly revenue.

BIR Commissioner Romeo Lumagui, Jr. and Customs Commissioner Bienvenido Rubio were present during the turnover ceremony, but were not visible in the official photos released by the DOF taken from Recto’s brief

ings on Monday.

In 2024, the BIR has been assigned the goal of collecting ₱3.05 trillion, while the BOC is projected to generate P1 trillion.

The turnover ceremony was also attended by heads of other DOF attached agencies, including the Securities and Exchange Commission, Insurance Commission, Privatization Management Office, National Tax Research Center, and Central Board of Assessment Appeals.

Also in attendance were officials from the Bureau of the Treasury and Bureau of Local Government Finance. “I count on everyone’s support and cooperation as we collectively deliver an economy that works for the betterment of every Filipino and the future generations to come,” Recto said.