Last 19 September, the Department of Finance (DoF) lauded President Ferdinand R. Marcos Jr.’s decision to restore to the Philippine Health Insurance Corporation (PhilHealth) the unutilized funds of P60 billion that were remitted to the National Treasury pursuant to a provision in the General Appropriations Act of 2024.
However, as of late November, the funds had not been physically returned but are planned to be reallocated to PhilHealth in the 2026 national budget.
Has the unutilized P60 billion really been reallocated to PhilHealth through the 2026 national budget? The poor and the sick are asking: “Please check.”
Meanwhile, for whose pocket was the mysterious P100 billion inserted in the 2025 national budget truly intended?
The tracing of the alleged P100-billion budget insertion revealed by Zaldy Co would primarily involve a congressional investigation, audits by the Commission on Audit (CoA), and criminal investigations by the Ombudsman and the National Bureau of Investigation (NBI).
Mechanism for tracing
the funds
1.) Public Released Documents: Zaldy Co, a former representative of the Ako Bicol Partylist and the CEO of the construction firm Sunwest Corporation, released a list of projects that were allegedly part of the P100 billion insertion in the 2025 national budget. This list of specific infrastructure and other programs (e.g., P5.4 billion for the 2026 ASEAN Summit under the Office of the President) provides concrete data points for auditors.
2.) Office of the Ombudsman and NBI Investigations: The Office of the Ombudsman has already filed graft and malversation charges against Co and other officials regarding flood control anomalies leading to an arrest warrant. The NBI is involved in searching properties and getting bid-rigging evidence. These bodies trace funds through financial records, bank accounts and corporate filings.
3.) Anti-Money Laundering Council Actions: The AMLC has already secured a freeze order covering Co’s aircraft and other assets, which involves tracing the origin and movements of funds used to acquire these properties. This body can follow the money trail through the banking system.
4.) International Cooperation: Co is currently a fugitive, believed to be in Portugal. The Department of the Interior and Local Government (DILG) can coordinate with international authorities, including Interpol, to locate Co and gather information which may involve tracing international financial transfers and asset locations.
The ability to definitely trace the funds depends on the thoroughness of these independent investigations and the cooperation of all implicated parties.
On another matter, Frederick Go did not personally manage the Maharlika Investment Fund (MIF), rather, he played a significant role in the administration’s economic and investment affairs, which involved the fund in a strategic capacity.
The day-to-day management of the fund is the responsibility of the Maharlika Investment Corporation (MIC), a government-owned corporation created for the purpose.
The current president and CEO of the MIC responsible for the fund’s direct operations is Rafael Jose D. Consing Jr.
Malacañang has confirmed that the Office of the Special Assistant to the President for Investment and Economic Affairs previously led by now Finance Secretary Frederick Go is officially being dissolved.
The Palace has yet to detail how its functions will be absorbed, but the move signals a major shake-up in the administration’s economic coordination structure.