Ralph Recto stays as DOF chief, says Palace
MANILA, Philippines — The Palace on Tuesday, October 21, dispelled rumors that Department of Finance Secretary Ralph Recto is handing in his resignation letter.
Rumors of Recto’s resignation began swirling online after social media accounts claimed he was on his way out.
Asked by reporters if the rumors had any credence, Palace Press Officer Claire Castro said in all caps, “NOT TRUE.”
Recto has been the subject of online noise and controversy following his statements on the country’s value-added tax (VAT).
The DOF secretary, who authored the expanded VAT law when he was still a senator, has not been keen on proposals to lower the tax. Recto reasoned that lowering the VAT rate could hurt national coffers and affect public services.
The noise surrounding the country’s finance chief has been further amplified by the ongoing corruption crisis in the government, where billions of pesos are suspected to have been stolen through kickback schemes.
The kickback scheme allegedly involved Department of Public Works and Highways officials colluding with lawmakers to funnel funds into substandard or ghost projects for a cut of the budget later on.
Recto himself admitted that up to P118.5 billion a year is lost to flood control corruption scams.
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