Former Department of Finance secretaries expressed support for the use of excess funds from government-owned or controlled corporations to finance crucial government projects.
“We believe this move will bring substantial benefits to the Filipino people,” they said in a statement.
Signatories include Cesar Virata, Roberto De Ocampo, Jose T. Pardo, Alberto G. Romulo, Jose Isidro Camacho, Margarito Teves and Cesar Purisima.
“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,” they said.
“As past DOF secretaries, we are acutely aware of the heavy responsibility the DOF bears in funding the nation’s dreams and aspirations for the Filipino people,” they said. “We have firsthand experience with the underlying challenges and difficulties of generating sufficient revenues to fund critical initiatives that support economic growth.”
The former finance chiefs said they believe it is in the public’s best interest to use a portion of excess GOCC funds efficiently, rather than imposing additional taxes or increasing public debt.
“The taxpayers are effectively paying interest on these idle, unused funds that are benefiting no one,” they said.
The DOF assured it would only access a part of GOCC excess funds and would maintain safeguards to ensure GOCCs retain adequate resources. It will also abide by any Supreme Court decision on the matter.
“Responsible public financing requires considering opportunity costs,” the former secretaries said. “If unused funds are left dormant, the potential benefits are lost. Every unused peso represents development denied for Filipinos.”
They said the cost of delaying crucial projects is a burden the people could not afford.
The former DOF secretaries expressed confidence that under the leadership of Secretary Ralph Recto, these unused public funds would be managed with the utmost diligence and prudence, for the greater good of the nation.
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