The open letter of support — signed by former Finance chiefs Cesar Virata, Roberto De Ocampo, Jose Pardo, Alberto Romulo, Jose Isidro Camacho, Margarito Teves, and Cesar Purisima — concerns a Department of Finance order issued last March instruction government-owned or -controlled corporations (GOCCs) to remit their excess funds to the national treasury.
Recto had earlier explained that order aims to address spending needs in. critical areas such as health, education, social services, and infrastructure without imposing additional taxes or increasing public debt.
Of particular concern to the plan’s critics is transfer of P89.9 billion in excess funds of the Philippine Health Insurance Corp. to the government’s coffer. Two tranches have already been remitted, leaving P59.9 billion still to be transferred in two equal portions come October and November.
Opponents of this move argue that it will weaken Philhealth, while allowing government to use funds that are essentially draw from the monthly contributions of the fund’s members.
In their joint statement, however, the former Finance chiefs emphasized the potential of these funds to spur economic growth, create jobs, and reduce poverty, and highlighted the importance of mobilizing dormant funds, citing the opportunity cost of leaving them idle.
“Every unused peso represents development denied for Filipinos,” they said.
The former officials argued that responsibly tapping into these funds could avoid the adverse effects of raising taxes or accumulating more debt, which would burden future generations.
They also emphasized that the Department of Finance will implement safeguards to ensure that GOCCs retain adequate resources. They added that the process will align with any forthcoming legal decisions after the issue was elevated to the Supreme Court by its critics.
The text of the letter was shared to members of the media by former Finance Undersecretary and current Monetary Board member Romeo Bernardo on his Facebook page.
