Amenah is not off the hook.

The Recto-Pangandaman tandem has led the Philippines to the brink of a currency collapse and national debt crisis. We now need P58.85 to buy $1; our national debt is now at P17.27 trillion!

Though resigned, then secretary of the Department of Budget and Management (DBM) Amenah Pangandaman still faces scrutiny and potential responsibility for the worst fund controversies of the Republic of the Philippines.

She was earlier cited by this column for not being a certified public accountant and lacking in overarching oversight skills to manage and spread with transparency and accountability huge cash resources across all services, with utmost prudence, keeping in mind that her loyalty, first and foremost, must be to the country and people, who are the real owners of every peso of the land and not to person and ambition.

A misplaced loyalty has been the historic mortal error of the top DBM men and women. We never learn, and we never stop losing.

President Ferdinand R. Marcos Jr. accepted the resignation of Pangandaman and Executive Secretary Lucas Bersamin, who stepped down “out of delicadeza” after their departments were linked to allegations of anomalies, including the “flood control anomaly.”

Pangandaman’s DBM had faced accusations regarding the transfer of P89.9 billion in PhilHealth “excess funds” to the treasury and allegations of P1.45 trillion in congressional insertions made across three successive budgets (2023-2025). Critics argue the DBM enabled the lump-sum diversions, and her resignation was an attempt to shield the administration from accountability.

Pangandaman has denied the claims about the budget insertions, insisting that all actions were aboveboard.

In the Philippine legal system, culpability is determined through formal investigations and court proceedings, not by one’s employment status.

Resignation is seen by some as an admission of guilt, and legally it is not a get-out-of-jail-free card. Makabayan bloc lawmakers said the resignations are not enough and called for the officials to be investigated and prosecuted to the full extent of the law.

The resignations would allow for potentially unhampered investigations without concerns their offices would be used to influence the proceedings. The authorities can still pursue criminal and administrative charges against a former official if sufficient evidence of wrongdoing is found.

In sum, the resignation of Amenah Pangandaman does not automatically erase potential legal liabilities related to her tenure, and calls for a comprehensive investigation into the allegations persist.

There were other devastating consequences when then secretaries of Finance Recto and Budget Pangandaman “put all the eggs of the Republic of the Philippines into one basket:”

The potential for capital flight and reduced investments could lead to a weakened Philippine peso against other currencies.

The economy may not grow as robustly as it could with a more diversified approach. For example, a single focus on infrastructure might neglect other vital areas like education and healthcare, and can crowd out private sector credit leading to higher interest rates and fewer jobs.

The Philippine currency is nearing collapse and the country is facing a foreign debt crisis.

The most fearful aspect of having too much foreign debt is the risk of a sovereign debt crisis, which can lead to severe economic turmoil and high inflation, if our government continues our current type of uncertainty.

Email: arturobesana2@gmail.com