Former Department of Finance Secretaries supported the DOF's use of the excess funds of government-owned or controlled corporations 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.
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.