Former Finance Chiefs Support Using Excess GOCC Funds for Government Projects

Several former Secretaries of the Department of Finance (DOF) have expressed their support for the government’s plan to utilize excess funds from government-owned or controlled corporations (GOCCs) to finance key government projects.

In a statement released on Tuesday, former DOF heads Cesar Virata, Roberto De Ocampo, Jose Pardo, Alberto Romulo, Jose Isidro Camacho, Margarito Teves, and Cesar Purisima emphasized that mobilizing these idle funds could significantly benefit 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.

The former finance chiefs highlighted the importance of using excess GOCC funds to support economic growth, rather than imposing additional taxes or increasing public debt that could burden future generations. “The taxpayers are effectively paying interest on these idle, unused funds that are benefiting no one,” they added.

The statement comes after Finance Secretary Ralph Recto stressed the need to deploy unused funds to support priority programs in health, education, and infrastructure, which would benefit the country’s 115 million citizens. The DOF has defended the strategy, citing legal backing and the directive of Congress to utilize these idle funds.

The former secretaries also underscored their awareness of the challenges the DOF faces in generating sufficient revenue to fund critical national initiatives. “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 noted.

The DOF continues to advocate for the efficient use of excess GOCC funds to avoid the need for additional taxes or increased borrowing, aiming to ensure sustainable economic development without imposing further financial burdens on future generations.