Malacañang denied claims circulating online that Finance Secretary Ralph Recto has resigned from his post.
“Not true,” Palace Press Officer Claire Castro said in a text message to reporters when asked to confirm the rumor.
The clarification came after a post on social media platform X gained traction, alleging that the Palace was already eyeing two financial experts to replace Recto.
Recto, who assumed the position in January 2024, was appointed by President Ferdinand Marcos Jr. for his extensive experience in crafting fiscal reforms during his tenure as a lawmaker.
Just last week, the Finance chief rejected proposals to reduce the Value-Added Tax (VAT) rate from 12 percent to 10 percent, warning that such a move would have significant economic consequences. He also called for limiting the use of unprogrammed funds in the national budget—recently tied to the flood control controversy—to calamities and foreign-assisted projects only.
