
Idle PhilHealth funds tapped for ‘Bayanihan 3’ to cut debt, fuel economic recovery — Recto
Finance Secretary Ralph Recto on Wednesday justified the government’s move to utilize idle funds from the Philippine Health Insurance Corporation (PhilHealth) and other state-run firms, describing it as a “fiscally responsible Bayanihan 3” aimed at easing the national debt burden and accelerating economic recovery without imposing new taxes or securing additional loans.
Speaking before the Supreme Court during oral arguments held in this city, Recto framed the initiative as both practical and necessary as he underscored the scale of the economic challenges the country continues to face nearly four years after the COVID-19 pandemic triggered the worst postwar downturn.
“We’re still recovering from the pandemic that gave us the hardest economic blow—a contraction of 9.5% in 2020—the lo...