Former secretaries of the Department of Finance (DOF) have signified their support for the use of excess and idle government funds to support public programs as a better route than imposing additional taxes or jacking up public debt that would burden future generations.
In a joint statement on Tuesday, former DOF leaders emphasized that the move of Finance Secretary Ralph Recto to utilize unused government-owned or controlled corporations' (GOCCs) funds will help generate jobs, increase incomes, and reduce poverty for Filipinos.
“(We) fully understand and support the DOF's exercise of its authority to effectively utilize the excess funds of GOCCs to finance crucial government projects in areas like health, education, social services, and infrastructure,” the statement read.
“We believe this move will bring substantial benefits to the Filipino people. 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,” it added.
Among the signatories of the statement were former prime minister Cesar Virata and former DOF secretaries Juanita Amatong, Roberto de Ocampo, Benjamin Diokno, Cesar Purisima, Alberto Romulo, and Gary Teves.
According to the former cabinet executives, “the DOF has assured that it will only access a part of GOCC excess funds while maintaining safeguards to ensure GOCCs retain adequate resources well beyond prudent levels.”
They added that the DOF is presently being led by leaders who would manage the funds “with the utmost diligence and prudence, for the greater good of the nation.”
Separately, Finance Secretary Ralph Recto has reiterated that the use of excess GOCC funds, particularly the idle funds of the Philippine Health Insurance Corp. and the Philippine Deposit Insurance Corp., would not compromise their capability to fulfill their respective mandates.
As for the Department of Budget and Management, utilizing untapped GOCC funds reflects the government's commitment to improving public welfare without further stretching the national budget.