“Where is our money?” Former President Rodrigo Duterte issued a stern warning on Monday on the alarming state of the nation’s finances.

In a press conference, Duterte expressed deep concern about the country’s “financial hemorrhage,” sharply criticizing the administration’s handling of essential state funds.

He cited the depletion and misuse of billions of pesos in critical resources, including PhilHealth, the Maharlika Fund and the Government Service Insurance System (GSIS).

He said that crucial funds were being mismanaged or sold off, particularly PhilHealth which, he noted, had lost a substantial portion of its assets.

“Our country is hemorrhaging. In fact, with PhilHealth, only P29 billion is left out of P89 billion,” he said.

Recently, the Department of Finance defended its decision to transfer unused subsidies, including PhilHealth’s controversial P89.9 billion in “unused” funds, to the National Treasury. The third tranche, amounting to P30 billion, was transferred in October, with the final P29.9 billion scheduled to be transferred this month.

Finance Secretary Ralph Recto reassured the public that this would not affect PhilHealth’s operations, as it retained P500 billion in reserves for future claims.

However, Duterte voiced concern over the handling of other critical financial assets, accusing the administration of focusing more on distributing short-term aid instead of investing in long-term projects.

“This government has no projects. You don’t see any projects there. It’s just maintenance. Because it’s all about aid now, and it’s all been depleted,” he said.

The former president also voiced frustration over the depletion of other crucial funds, such as the Maharlika Fund and several government pension systems.

He pointed out that these funds, which should have been preserved for future generations, were being misused for aid distribution. “Pera rin namin iyan (That’s our money),” he stressed, emphasizing that the public has a right to know how these funds are being used.

“The Maharlika Fund, their target is P250 billion. They took P62.5 billion from GSIS. That money also belongs to government workers — employees. It’s for the workers. They took it and gave it for aid,” Duterte said.

He also expressed concern that withdrawals from the Social Security System (SSS) and state-owned banks were endangering the financial security of workers and military personnel.

“The SSS also took P62 billion. That’s private, too, for employees. LBP (Land Bank of the Philippines) took P62 billion. DBP (Development Bank of the Philippines) took P62 billion. That’s why for the soldiers, even their retirement, it’s gone,” he said. “It’s a trust fund, why did they take the money, why did they interfere with it?”

Calling for greater transparency, Duterte urged the government to open its financial books to public scrutiny, pointing out the lack of audit of key offices.

“The Office of the President, the Office of the Speaker are not being audited,” he said, stressing the need for stricter oversight.

Faith in Inday

Reacting to issues raised against Vice President Sara Duterte, the former president expressed confidence in her ability to manage the situation.

“I have faith in Inday, that she can handle it. But it is clear to me that the directions are on us,” Duterte said.