President Ferdinand R. Marcos Jr. has appointed a new economic team, a move widely expected to reinforce the government's fiscal management and sustain the country's economic momentum. The reshuffle, announced on November 19, 2025, follows the acceptance of resignations from key officials amidst an ongoing probe into infrastructure projects.
Key Appointments and Resignations
The Palace confirmed that former Finance Secretary Ralph Recto is the new Executive Secretary, replacing former Secretary Lucas Bersamin. Simultaneously, Secretary Frederick Go, previously the Special Assistant to the President for Investment and Economic Affairs, has been appointed as the new Department of Finance chief.
These changes were set in motion after President Marcos accepted the resignations of Executive Secretary Lucas Bersamin and Department of Budget and Management (DBM) Secretary Amenah Pangandaman. Palace Press Officer Claire Castro stated that both officials resigned "out of delicadeza" after the offices they led were mentioned in the investigation of alleged anomalies in government infrastructure projects. Rolando Toledo, the DBM officer-in-charge, has now replaced Pangandaman.
Building Confidence and Driving Growth
The business community has responded positively to the new appointments. The Bases Conversion and Development Authority (BCDA) released a statement highlighting Secretary Go's proven track record. They expressed confidence that his expertise in investment promotion and economic policy will strengthen fiscal management and reinforce investor confidence.
The BCDA specifically cited Go's instrumental contributions to passing the ARROW Act and the CREATE MORE Act as evidence of his capability. These laws have already improved the country's investment climate, accelerated project approvals, and created conditions for job creation and inclusive economic growth. The BCDA looks forward to collaborating with Go to transform idle government properties into productive economic districts.
Industry Support for Policy Coherence
In a separate statement, the Federation of Philippine Industries (FPI) welcomed the appointments of Go and Recto, noting they "come at a crucial time for policy coherence, fiscal stability, and investor confidence." The FPI affirmed its support for continuity and coordination across government agencies to sustain the current economic momentum.
The group also acknowledged the appointment of new Bureau of Internal Revenue (BIR) Commissioner Charlito Martin Mendoza, who succeeded Romeo Lumagui Jr. The FPI pledged to collaborate with the new economic team and the BIR to advance transparent policy, digitalization, and fair compliance—pillars they deem vital for restoring business confidence and building a resilient economy.
This strategic overhaul of the country's economic leadership is poised to provide a steady hand in navigating fiscal challenges and translating economic strategy into tangible gains for Filipino families.
