He also failed President Ferdinand Marcos Jr. in his handling of the national economy.
On 11 January 2024, President Bongbong Marcos Jr. appointed Ralph Recto Secretary of Finance. He took his oath of office on 12 January.
In January 2023, the Philippines recorded its strongest economic growth in more than 40 years, defying a global slowdown and rising inflation after all pandemic restrictions were lifted at the end of the year. The Southeast Asian economy recorded growth at an annual rate of 7.2 percent in the fourth quarter of 2022, beating economist expectations of 6.5 percent growth, according to Philippine Statistics Authority data. Full-year gross domestic product increased by 7.6 percent, its strongest growth since 1976.
Philippine President Ferdinand Marcos Jr., who attended the World Economic Forum in Davos, Switzerland on 17 January 2023, predicted the economy would keep growing at near 7 percent that year.
In 2024, the national economy lost steam. Its growth fell short of the 6.5-percent target despite a slight pickup in the fourth quarter. Recto blamed the numerous typhoons.
The National Economic and Development Authority said the slowdown was due to the contraction in agriculture, brought about by the combined impact of El Niño, La Niña, and several typhoons that hit the country.
As of today, the PhilHealth fund transfer is snowballing into a global shame. Worse, no answer has yet been given to the question of the Honorable Associate Justice of the Supreme Court Amy Lazaro-Javier, “Where is the money?” To whom was the P60 billion given?
First, I would like to ask the National Treasurer to look at the subsidiary ledger of his office for the PhilHealth funds and see if there is still a balance left, then to inform Justice Lazaro-Javier accordingly.
Next, I would like to ask the DBM secretary to look at the subsidiary ledger of her office for the PhilHealth funds, and see to whom she released the money. I would also ask her to look at the recipient agency portion, of the advice of allotments, and examine the notices of cash allocation (NCA). It is only then shall Justice Lazaro-Javier know where the P60-billion PhilHealth money went.
The resident auditor of the DBM should secure the original copies of the advices of allotments, the NCAs, and other accompanying documents in the release of the PhilHealth funds. These will be used as evidence in the prosecution of Recto, the DBM secretary, and the National Treasurer for malversation of public funds.
The allocation by Budget and Management Secretary Amenah Pangandaman of P20 billion of the unused PhilHealth funds, on orders of Mr. Recto, allegedly to finance the recently released health allowance for healthcare workers is malversation of the money for the poor and the sick, in violation of the Anti-Graft and Corrupt Practices Act.
How many times did Recto, Pangandaman, and the National Treasurer breach the threshold of P50 million for committing plunder? Ombudsman Samuel Martires has visible and circumstantial grounds for action, one of them being the second paragraph of the SC decision declaring the DAP unconstitutional.
The Supreme Court said the pork barrel practices should “never again be adopted on any system of governance and by any name or form.”
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