BIZ BUZZ: Recto on his way out? Not so fast
Rumors have been swirling that Finance Secretary Ralph Recto is on his way out of the Department of Finance—talk that coincided with a wave of online disinformation attacks targeting him.
Given that Recto authored the unpopular (but fiscally sound) value-added tax law, it wasn’t hard for netizens to take the rage bait and pile on.
Still, that kind of narrative against the state’s chief fiscal planner could spell political trouble for the Marcos Jr. administration, especially amid a widening corruption scandal that’s already prompted ultrapopulist proposals like an income tax holiday—a crowd-pleaser that could hurt the state’s coffers.
But before anyone starts drafting farewell statements, a well-placed source told Biz Buzz there’s “zero truth” to the rumors of Recto’s impending exit.
As for the man himself? Recto said he’s not aware of any such talks—but added that he “serves at the pleasure of PBBM.”
