President Ferdinand R. Marcos, Jr. has recently designated Finance Secretary Ralph G. Recto as Cabinet representative to the Monetary Board (MB), the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP).
BSP Governor Eli M. Remolona, Jr. (left), chairperson of the Philippine Monetary Board, is shown here while administering Secretary Recto’s oath of office as MB Member at the BSP head office in Manila
The Monetary Board exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system.
It is currently being chaired by BSP Governor Eli M. Remolona, Jr., with support from Monetary Board Members (MBMs) comprised of five full-time members from the private sector and one member from the Cabinet.
Currently joining BSP Governor Remolona and Finance Secretary Recto at the Monetary Board are MBMs Benjamin E. Diokno, V. Bruce J. Tolentino, Anita Linda R. Aquino, Romeo L. Bernardo, and Rosalia V. De Leon.
Before his appointment to the DOF last January 15, Secretary Recto served as Deputy Speaker of the House of Representatives in the 19th Congress, representing the 6th District of Batangas.
He was also a Senator for three terms (2001 to 2007 and 2010 to 2022) and held key positions that included Senate President Pro Tempore and Senate Minority Leader.
From 1992 to 2001, Recto was the Representative of the 4th District of Batangas.
As a lawmaker, he authored and sponsored numerous tax measures and economic reforms, including the “Healthcare Act,” the “Rice Tariffication Act,” the “Ease of Doing Business and Efficient Government Service Delivery Act of 2018,” the “General Tax Amnesty,” the “Rationalization of Excise Tax on Automobiles,” and the “Social Reform and Poverty Alleviation Act.”
Recto also co-authored the “Bayanihan to Recover as One Act” and the “Bayanihan to Heal as One Act” to help the country recover faster from the COVID-19 pandemic.
In 2008, he served as Socioeconomic Planning Secretary of the National Economic and Development Authority (NEDA).
Secretary Recto holds a bachelor’s degree in Commerce majoring in Business Management from the De La Salle University in Manila. He took up his master’s degrees in Business Economics from the University of Asia and the Pacific and in Public Administration from the University of the Philippines.
Additionally, he completed a Leadership Course at the John F. Kennedy School of Government at Harvard University.