House Deputy Speaker Ralph Recto will replace Benjamin Diokno as the secretary of finance, the Palace said Thursday.

In a message to reporters, Presidential Communications Secretary Cheloy Garafil said Recto will take his oath of office before President Ferdinand Marcos Jr on Friday.

Also taking his oath of office is Frederick Go, who will be Special Assistant to the President for Investment and Economic Affairs, said Garafil.

No reason was given why Recto replaced Diokno, but rumors began circulating when Recto joined the Philippine delegation to the Asia-Pacific Economic Cooperation summit in San Francisco and in Hawaii late last year.

Recto, who turned 60, formerly headed the National Economic and Development Authority (NEDA) during the second term of President Gloria Macapagal Arroyo in 2008.

Senate President Juan Miguel Zubiri hailed Recto's appoint, citing his ''ability to immediately see the big picture implications'' of economic numbers. ''I have no doubt he will be a good Finance Secretary,'' said Zubiri in a statement.

The 75-year-old Diokno, who was central bank governor during President Rodrigo Duterte's administration, is one of the most experienced members of the Marcos economic team.

He was budget secretary when the Philippines battled the Asian financial crisis in the late 1990s and assumed his former post from 2016 to 2019 under the Duterte administration before going to the central bank.

As central bank governor, Diokno supported the economy as the country sought to keep COVID-19 under control and reopen business from 2020 to 2022. DMS