Marcos Jr. administration

Rappler Recap: Why did Marcos replace Diokno with Recto in the DOF?

Dwight de Leon
Rappler Recap: Why did Marcos replace Diokno with Recto in the DOF?
'He felt that it was time for him to return to his natural habitat in the Bangko Sentral,' Marcos says of Diokno, who may no longer be part of the Cabinet, but will remain a member of the BSP Monetary Board

MANILA, Philippines – The big question after the announcement that lawmaker Ralph Recto would be the new secretary of the Department of Finance is: what will happen to Benjamin Diokno?

We provide you a rundown in this Rappler Recap.

Rappler Recap: Why did Marcos replace Diokno with Recto in the DOF?

In a press conference on Friday, January 12, President Ferdinand Marcos Jr. said that Diokno was really supposed to retire in the middle of 2023, but “we all ganged up on him and asked him to please continue.”

“He felt that it was time for him to return to his natural habitat in the Bangko Sentral, in the Monetary Board,” Marcos then said, adding that he offered Diokno a post in the Maharlika Investment Corporation, but the latter turned it down.

There were incidents last year indicating that Diokno was not fully in the loop with the inner circle of the administration.

He said he was surprised when Marcos suddenly announced a price ceiling on rice. When Marcos’ cousin, House Speaker Martin Romualdez, expressed openness to the idea to suspend fuel excise tax, he said it was bad for the economy.

But if there ever were rumors that underperformance led to Diokno’s exit in the Cabinet, these were quashed by Marcos’ message of gratitude towards the erstwhile finance chief.

“We had to get our policies on to the right track, and he has done a splendid job as secretary,” Marcos said. “Being one of our country’s pillars of economic management, we shall continue to rely on your expertise and exuberance as member of the [BSP] Monetary Board.” – Rappler.com

Download the Rappler App!
Avatar photo

author

Dwight de Leon

Dwight de Leon is a multimedia reporter who covers President Ferdinand Marcos Jr., the Malacañang, and the Commission on Elections for Rappler.