Former Finance chiefs back return of unused GOCC funds

MANILA, Philippines — Former finance chiefs expressed their support for the return of unused funds of government-owned or controlled corporations , a move which they believe would bring substantial benefits to the Filipino people.In a joint statement, former prime minister and Finance secretary Cesar E. A.

'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,' they added.They further pointed out that if the excess GOCC funds remain unused, it would benefit no one. At the same time, taxpayers will essentially end up paying interest on these idle funds.'Responsible public financing requires considering opportunity costs.

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