Marcos keeps econ team intact in Cabinet reshuffle, BIR chief submits courtesy resignation

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Executive Secretary Lucas Bersamin says President Ferdinand Marcos Jr. decided to retain his five economic managers to prevent disruptions

MANILA, Philippines – President Ferdinand Marcos Jr. retained all five members of his economic team in an ongoing Cabinet shakeup, Executive Secretary Lucas Bersamin announced on Friday, May 23.

Among other movements in the Cabinet, Bersamin announced that Marcos decided to retain the following economic managers:

• Finance Secretary Ralph Recto
• Trade Secretary Cristina Aldeguer-Roque
• Department of Planning, Economy, and Development (DEPDev) Secretary Arsenio Balisacan
• Budget Secretary Amenah Pangandaman
• Special Assistant to the President for Investment and Economic Affairs Frederick Go

Bersamin said that Marcos’ marching orders to his economic team was to improve the country’s economy and promote the Philippines as an investment destination.

The Executive Secretary also enumerated the reasons why Marcos kept each secretary.

According to Bersamin, Marcos was satisfied with Balisacan’s performance. “Practically ang sabi ni presidente sa kanya, ‘he’s a genius,’ (The President practically said he’s a genius.)” Bersamin said.

Balisacan joined the Cabinet in 2022 as Secretary of the then-National Economic and Development Authority.

The socioeconomic planning chief thanked Marcos for his trust and confidence in a statement.

“I thank the President for his continued trust and confidence and assure him of the Department of Economy, Planning, and Development’s continued efforts, together with members of the Economic Team, to steer the economy to a prosperous, inclusive, and resilient future where every Filipino benefits from our nation’s progress,” he said.

Bersamin also pointed out Go’s unmatched experience as an economist and businessman as the reason behind his retention.

When it came to Recto’s performance as finance chief, Bersamin described him as someone who immediately hit the ground running since he was appointed to the post in 2024.

Recto thanked Marcos for his continued trust and confidence in him. “More than a vote of confidence, I take this as a marching order to push harder and deliver results faster, and thus we will also do our own recalibration within the department,” he said in a statement.

As for Pangandaman, Bersamin called her an “exemplary model” for fiscal management. “No one can be better than her at the budget,” he said.

Pangadaman thanked Marcos for his continued trust in his entire economic team and vowed that the five will continue their collective pursuit of economic prosperity.

The Development Budget Coordination Committee — of which Recto, Pangadaman and Balisacan are members of — aims to grow the Philippine economy by 6% to 8% this year.

So far, the government has missed its growth targets for two consecutive years. With the gross domestic product only growing 5.2% in the first quarter, DEPDev said the economy will need to grow at least 6.2% in the next quarters to meet government growth targets.

BIR commissioner’s courtesy resignation

Amid the Cabinet shakeup, Bureau of Internal Revenue (BIR) Commission Romeo Lumagui Jr. also submitted his courtesy resignation on Friday, May 23.

Lumagui said in a statement that Marcos’ call for all his Cabinet secretaries’ courtesy resignations is a timely recalibration.

“As such, I am tendering my courtesy resignation as the Commissioner of Internal Revenue to give the Chief Executive a free hand in evaluating my performance in pursuit of further improving public service under his administration,” he wrote.

Under Lumagui’s term, the BIR met its P2.848 trillion collection target for the first time in two decades. He attributed this to increased digitalization efforts, as well as the increased crackdown on ghost receipts and illicit trade.

Lumagui, a tax lawyer, was appointed to the tax bureau’s top post in 2022, just months after he was made deputy commissioner. (READ: Who is Romeo Lumagui Jr., the new BIR commissioner?)

 – Rappler.com