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Ralph Recto, the former Finance Secretary who has publicly led the government’s strategy to tax the digital industry and the digital asset industry, has been appointed as the new Executive Secretary by President Ferdinand Marcos Jr.
The appointment was announced by Malacañang on Monday afternoon, November 17, following the resignations of Executive Secretary Lucas Bersamin and Budget Secretary Amenah Pangandaman.
Recto’s new role places him at the center of government operations. In his former capacity as Finance Secretary, he oversaw the Philippines’ formal commitment to the Crypto-Asset Reporting Framework (CARF) and was vocal about the need for tax enforcement on the digital economy.
Frederick Go, the presidential assistant for investment and economic affairs, will succeed Recto as the new Secretary of Finance.
The Cabinet Reshuffle
According to a Malacañang statement, Bersamin and Pangandaman “tendered their resignations out of delicadeza after their departments were mentioned in allegations related to the flood control anomaly.”
The appointment was confirmed while Recto was at the Senate for the plenary debates on the 2026 national budget.
The move came just hours after Recto himself denied the rumors to the media. “There is no offer. My marching orders today are in finance. It has always been in the [Department of Finance],” Recto told reporters in an ambush interview on Monday.
Recto’s Stance on Crypto as Finance Chief
During his tenure as Finance Secretary, which began in January 2024, Recto was a key figure in formalizing the government’s policy on crypto assets.
- CARF Adoption: In June 2025, the Department of Finance (DOF) confirmed the Philippines’ pledge to adopt the Crypto-Asset Reporting Framework (CARF) by 2028, a global standard for the automatic exchange of crypto-asset information to combat tax evasion.
- Tax Enforcement: In the statement announcing CARF, Recto emphasized the need for tax compliance. “The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished,” he said. (Read more: 12% VAT! Here’s the Full List of Digital Services Now Taxed in the PH)
- Market Acknowledgment: Recto has previously estimated that Filipinos have invested approximately ₱6 trillion ($107 billion) into cryptocurrency, noting the country’s young, tech-savvy population.
- Industry Engagement: In January 2025, the DOF, led by Recto, held a meeting with Coinbase CEO Brian Armstrong during the World Economic Forum in Davos to discuss the company’s “strong interest in expanding its footprint to the Philippines.” (Read more: Coinbase CEO Meets Philippine Finance Chief in Davos to Explore PH Expansion)
This article is published on BitPinas: Former DOF Chief Ralph Recto Appointed as New Executive Secretary
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