Biz Buzz: Recto’s crystal ball for 2025 elections
With the breakup of the UniTeam that secured landslide victory in the 2022 polls, all eyes are now on how the 2025 midterm elections will unfold.
For someone like Finance Secretary Ralph Recto, it’s crucial to anticipate the composition of the legislature given that he has a number of priority fiscal reforms waiting to be passed.His fearless forecast? Majority of Congress and the Senate—both of which he knows like the back of his hand, having “been there and done that” in his earlier political career—will still be dominated by Marcos allies.“I think … the majority coalition in the House will win. The BBM (Bong Bong Marcos) coalition, 99 percent will probably win,” Recto told Biz Buzz.
“I think in the Senate, the majority of the candidates of the president will be at the Senate, many of them reelectionists,” he added.
Among the “admin candidates” he sees likely to win are: Erwin Tulfo, Imee Marcos, Camille Villar, Bong Revilla, Ping Lacson, Tito Sotto, Manny Pacquiao, Francis Tolentino, Lito Lapid and Pia Cayetano.
Earlier, the Nacionalista Party, the political base of the Villar family, officially allied with Marcos’ Partido Federal ng Pilipinas. This strengthens a coalition that already includes three other prominent political parties.
He also sees Interior Secretary Benjamin Abalos Jr. and Defense Secretary Gilberto Teodoro Jr. having a “good chance.”
“I think I can speculate because I know all of them,” Recto said.
Meanwhile, Duterte allies in the Senate who are seen to win are Bong Go and Ronald “Bato” Dela Rosa.
“I won’t be surprised if the administration adopts some of these candidates, like Kiko Pangilinan,” he said.
Among the fiscal measures that Recto needs legislative support for are the bills on: 12-percent value-added tax on digital services; new mining tax regime; and excise tax on single-use plastic bags. But some of these bills may not have to wait for the midterm elections to be enacted.
“The Senate will pass— they promised me that they’ll pass all these measures within the year. And we intend to collect some of those taxes starting next year. Having said that, my experience on taxation also has been: it’s easy to write tax laws. It’s easy to do a table top on how much revenue it will generate. It’s harder to implement,” Recto said. —MARIEDEL IRISH U. CATILOGO
Alden is new BDO ambassador
See that familiar dimple on BDO’s Facebook teaser? You’re probably right in guessing that it belonged to Alden Richards, now the Sy family-led bank’s newest celebrity ambassador.
“It feels great to be a part of the BDO family and to speak on their behalf. I have been using their services for a long time, so I can speak from my experience,” said Richards, who’s the type who prefers to personally visit and transact at BDO branches, citing the friendly staff.
Richards, whose latest project involves the portrayal of Eduardo dela Cruz in the World War II drama “Pulang Araw,” also commended BDO for having changed the banking industry in the country.
“I’ve seen how it has improved products and services to meet our needs and goals, making our experience more efficient and rewarding,” said the 32-year-old actor.
Is he going to do a surprise act as a bank teller one of these days? Are the dimples going to bring in more promos? Abangan! —MEG J ADONIS
