As former Secretaries of the Department of Finance (DOF), we fully understand and support the DOF’s exercise of its authority to effectively utilize the excess funds of government-owned or controlled corporations (GOCCs) to finance crucial government projects in areas like health, education, social services, and infrastructure.
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.
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. We have firsthand experience with the underlying challenges and difficulties of generating sufficient revenues to fund critical initiatives that support economic growth.
In our view, it is in the public’s best interest for a portion of excess GOCC funds to be mobilized efficiently, rather than imposing additional taxes or increasing public debt that would burden future generations. The taxpayers are effectively paying interest on these idle, unused funds that are benefiting no one.
Moreover, 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, and that it will abide by whatever decision the Supreme Court will make on the case pending before it.
Responsible public financing requires considering opportunity costs. If unused funds are left dormant, the potential benefits are lost. Every unused peso represents development denied for Filipinos.
The cost of delaying crucial projects is a burden our people cannot afford – diminished public services, slower growth, more debt, and higher deficits. No responsible DOF Secretary would allow such an outcome.
We are confident that under the astute leadership of Secretary Ralph G. Recto, these unused public funds will be managed with the utmost diligence and prudence, for the greater good of the nation.
Respectfully,
Cesar E. A. Virata (sgd.)
Former Secretary of Finance, 1970 – 1986
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Roberto De Ocampo (sgd.)
Former Secretary of Finance, 1992 – 1998
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Jose T. Pardo (sgd.)
Former Secretary of Finance, January 2000 – January 2001
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Alberto G. Romulo (sgd.)
Former Secretary of Finance, January 2001 – June 2001
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Jose Isidro N. Camacho (sgd.)
Former Secretary of Finance, 2001 – 2003
Margarito Bustaliño Teves (sgd.)
Former Secretary of Finance, 2005 – 2010
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Cesar V. Purisima (sgd.)
Former Secretary of Finance, February 2005 – July 2005; 2010 – 2016
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