Recto is chosen by Bongbong Marcos to be the new chief of finance—media

Benjamin Diokno has been replaced as the finance minister by Ralph Recto, a politician chosen by Philippine President Ferdinand Marcos Jr. On Friday, Recto, 60, is scheduled to take his oath.

“He was given the trust because he’s such a good economist,” Santos said.

He briefly served as the director general of the National Economic and Development Authority from 2008 to 2009.

When Reuters reached out to Recto and his wife for confirmation and comments, they did not respond right away.

Though he was still a member of Congress, he joined Marcos' delegation to the Asia-Pacific Economic Cooperation (APEC) conference held in the United States last year, which sparked rumors about his possible appointment in the following months.

Recto's task as finance minister is to reduce the national debt from 61 percent of GDP in 2022 to 48 percent by the conclusion of Marcos' administration in 2028.

In the same time frame, he will also be responsible for reducing the budget deficit from over 7% in 2022 to 3%.

Recto is widely known for shepherding a measure that hiked sales taxes in 2005 when he was a senator.