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Manila Bulletin devider Business devider Seven former DOF chiefs support Recto's GOCC fund transfer order

Seven former DOF chiefs support Recto's GOCC fund transfer order

Published Aug 27, 2024 05:33 am

Seven former secretaries of the Department of Finance (DOF) have expressed their support for utilizing excess funds from government-owned or controlled corporations (GOCCs) to finance important government projects.

In a joint statement on Tuesday, Aug. 27, the former DOF chiefs said that transferring unused GOCC funds, including those from the Philippine Health Insurance Corp. (PhilHealth), to the national coffers would benefit the Filipino people.

The statement was signed by former finance secretaries Cesar E. A. Virata, Roberto De Ocampo, Jose T. Pardo, Alberto G. Romulo, Jose Isidro N. Camacho, Margarito Bustaliño Teves, and Cesar V. Purisima.

“Mobilizing these excess funds will enable important public projects that can strengthen our economy and ensure long-term gains through more jobs, higher incomes, and reduced poverty,” they said.

The statement follows calls for Finance Secretary Ralph G. Recto to withdraw his directive for PhilHealth to transfer excess funds to the Bureau of the Treasury.

During a Senate hearing on Tuesday, Recto said that PhilHealth has already returned P30 billion of the P89.9 billion requested by the DOF.

According to the former DOF secretaries, they understand the heavy burden Recto carries in funding the nation’s budget.

They said, “we have firsthand experience with the underlying challenges and difficulties of generating sufficient revenues to fund critical initiatives that support economic growth.”

“In our view, it is in the public's best interest for a portion of excess GOCC funds to be mobilized efficiently, rather than imposing additional taxes or increasing public debt that would burden future generations,” the former officials said.

They pointed out that if these funds remain idle, taxpayers are essentially paying interest on these funds that provide no benefit to anyone.

“Responsible public financing requires considering opportunity costs. If unused funds are left dormant, the potential benefits are lost. Every unused peso represents development denied for Filipinos,” they said.

The statement further said that delaying vital projects imposes a burden on those who can least afford it, resulting in diminished public services, slower economic growth, increased debt, and higher deficits.

“No responsible DOF Secretary would allow such an outcome,” they said. “We are confident that under the astute leadership of Secretary Ralph G. Recto, these unused public funds will be managed with the utmost diligence and prudence, for the greater good of the nation.”

Related Tags

CESAR PURISIMA Former Finance Secretary Department of Finance (DOF) ralph recto Margarito B. Teves
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