Biz Buzz: Recto completes dream team

BIZ BUZZ: All aboard: Recto completes ‘dream team’

/ 02:26 AM April 25, 2024

Finance Secretary Ralph Recto has now completed the team that will help him manage the government’s fiscal affairs.

Malacañang has finally announced the new members of the Department of Finance top brass.

Atty. Charlito Martin R. Mendoza takes on the role of undersecretary for the Revenue Operations Group.


Mendoza will oversee the operations of the Bureau of Internal Revenue and the Bureau of Customs (BOC), which do the heavy lifting to fund government operations.


READ: BIZ BUZZ: Recto assembles dream team

Before his appointment, Mendoza had served as a district collector at the BOC Port of Cebu from July 2019 to October 2022.

Meanwhile, economist Domini Velasquez is appointed undersecretary heading the Office of the Chief Economist, dedicated to analyzing data on emerging economic developments, providing early warnings, and recommending response measures aimed at anticipating and addressing key economic issues.

She is filling the void left by Zeno Abenoja, who has returned to the Bangko Sentral ng Pilipinas as managing director for economic research.

Government service isn’t something new to Velasquez. While she was, until recently, the chief economist for China Banking Corp., she had spent most of her career in the government, particularly at the National Economic and Development Authority.

Finally, appointed by Malacañang to lead the Fiscal Policy and Monitoring Group as undersecretary is University of the Philippines School of Economics associate professor Renato Reside Jr.


Reside will spearhead the formulation and advancement of tax reform proposals and other crucial fiscal policy recommendations. He will likewise oversee the forecasting and programming of government revenues, cash programming, and monitoring of government finances. —Ian Nicolas P. Cigaral

MVP’s bargain-hunting

When a tycoon believes his crown jewel is undervalued by the market, he may deploy some personal cash to pick up shares.

Tycoon Manuel V. Pangilinan bought additional shares of PLDT for the second time this month, bringing up his shareholding to 363,521.

These are valued at P485.3 million based on the company’s latest stock price, which settled at P1,335 per share on Wednesday.

PLDT disclosed that its chair and president had bought 36,225 shares on April 22 for P1,300 each or P47.09 million in total.

The billionaire, to recall, also acquired 15,385 shares for P1,300 each on April 5.

The tycoon has thus picked up PLDT shares at an 8.8-percent bargain from the 52-week high of P1,425.

READ: PLDT’s broadband revenues rev up by 9%

Regina Capital Development Corp. head of sales Luis Limlingan said this was “definitely a sign of confidence from MVP’s end as he likely sees better prospects from the telco company.” —Tyrone Jasper C. Piad

PAL to revive Clark-Basco flights by July

Travelers from Central and Northern Luzon won’t have to traverse several expressways just to catch a flight to scenic Batanes for long.

Flag carrier Philippine Airlines (PAL) recently announced it would reintroduce its direct Clark-Basco-Clark flights by July 2.

“Convenient connectivity is essential for travelers who wish to experience our island destinations. We will endeavor to reopen more routes out of Clark as we continue to grow our network from Central Luzon,” PAL President and COO Stanley Ng said.

The revived route is set to operate four times a week through PR 2688 every Tuesday, Wednesday, Friday, and Sunday, departing from Clark International Airport at 11 a.m. and arriving in Basco at 12:35 p.m.

Meanwhile, the Basco-Clark flights via PR 2689 will take off on the same days, leaving Basco at 1 p.m. and arriving in Clark at 2:35 p.m., complementing the existing Manila-Basco-Manila route.

READ: PAL to resume Clark – Basco, Batanes flights by July 2

Clark LIPAD, the consortium that manages the Pampanga airport, welcomed the resumption of the route.

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“This renewed connection not only signifies the strengthening of ties between two vibrant destinations but also underscores the importance of Basco in the growth of Clark International Airport,” said Noel Manankil, president and CEO of LIPAD. —Meg J. Adonis INQ

TAGS: Biz Buzz, Ralph Recto

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