President Ferdinand Marcos Jr on Friday tapped Deputy House Speaker Ralph Recto as finance secretary and Frederick Go as special assistant for investment and economic affairs as the economy faces '' dark clouds''.

Recto replaced Benjamin Diokno , who will be a member of the Monetary Board. Diokno was former central bank governor and budget secretary under President Rodrigo Duterte.

Recto headed the National Economic and Development Authority during the second term of President Gloria Macapagal-Arroyo.

"While the future looks bright, dark clouds still gather on the horizon unleashing headwinds that will temper and even may dampen or trample our optimistic (economic) outlook," Marcos said.

He said they are now watching potential "food or fuel shocks" from international developments and the impact of drought from El Nino, which can also cause a surge in food prices.

"We have to cushion the impact with timely and targeted interventions so that food prices will not surge as a result of farm outputs falling short. The challenge for us then is not just to grow the economy but to make sure that growth is felt by all parts of society," the President said.

He said he is confident Go can use his experience to bring in much needed investments in the country. Marcos said he ''is not satisfied just with the signing and presentation of memorandums of understanding and letters of instruction.''

'' I always see we have to make this real,'' said Marcos. ''His expertise lies exactly there in creating an environment...to make these investments real, to make them profitable, and to make them felt in the everyday lives of ordinary Filipinos.''

Recto "will continue to help devise strategies that will tame inflation through a basket of responses ranging from plugging supply gaps to injecting non-monetary measures so that prices will be stable," the President said.

He instructed Recto to intensify the anti-smuggling drive.

Marcos thanked Diokno as finance secretary. Marcos said Diokno was to retire in the central bank but he asked Diokno to serve the country further as finance secretary. Marcos said Diokno set the economy ''on to the right path.''

Marcos said Diokno was to head the Maharlika Fund but Diokno replied ''the fund is not what he feels is a specialty of his.'' DMS