Diokno out; Recto named DOF chief

House Deputy Speaker Ralph Recto is taking over the post of Benjamin Diokno as finance secretary and head of the administration's economic team.

- LOUISE MAUREEN SIMEON

Malacañang confirmed that Recto is set to take his oath before President Marcos today as the new head of the Department of Finance (DOF).

Diokno, in turn, will take his oath before Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona as the last member of the seven-man Monetary Board.

Presidential Communications Secretary Cheloy Garafil said Recto will be sworn in together with businessman Frederick Go as special assistant to the President for investment and economic affairs.

Former Batangas lawmaker Vilma Santos-Recto confirmed the appointment of her husband as head of the economic team.

The appointment came on Recto's 60th birthday yesterday following rumors over the appointment of a new Cabinet official.

With Recto's assumption of the top finance post, the moniker BEAM Team (Ben-Eli-ArsiMina) will be replaced with REAM Team (Ralph-Eli-ArsiMina), referring to the other members of the economic team: BSP's Remolona, Socio-economic Planning Secretary Arsenio Balisacan and Budget Secretary Amenah Pangandaman.

Recto's House colleague Rep. Joey Salceda, meanwhile, welcomed the "likely appointment" of the Batangas first district representative.