Former finance chiefs back utilization of excess GOCC funds

Former Department of Finance Secretaries supported the DOF's use of the excess funds of government-owned or controlled corporations (GOCCs) to finance government projects.

In a Tuesday statement, former DOF chiefs Cesar Virata, Roberto De Ocampo, Jose Pardo, Alberto Romulo, Jose Isidro Camacho, Margarito Teves, and Cesar Purisima said the move would 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,'' 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. We have firsthand experience with the underlying challenges and difficulties of generating sufficient revenues to fund critical initiatives that support economic growth,'' they added.

They argued that it was 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,'' they noted.

Last August 20, Finance Secretary Ralph Recto emphasized the need to mobilize unused funds to bankroll priority health, education, and infrastructure programs to benefit 115 million Filipinos.

The DOF has been defending the diversion of GOCCs’ idle funds, saying there was a legal basis for this, and the department was only acting on the orders of Congress. — DVM, GMA Integrated News