More news about how the COVID-19 pandemic in the Philippines is being handled by the public and the government.
To justify the transfer of idle and unused Philippine Health Insurance Corp. funds, as well as those from other government-owned and -controlled corporation into the national coffers Finance Secretary Ralph Recto said the Philippines is still recovering from the pandemic.
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| https://www.pna.gov.ph/articles/1247352 |
Finance Secretary Ralph Recto on Wednesday defended the transfer of idle and unused Philippine Health Insurance Corp. (PhilHealth) funds, as well as those from other government-owned and -controlled corporations (GOCC) into the national coffers.
Appearing before the Supreme Court, Recto said the decision to secure funds was a “common-sense approach” to allow the government to forgo borrowing funds abroad to fund key projects.
“First, we are still recovering from the pandemic that gave us the hardest economic blow -- a contraction of 9.5 percent in 2020 -- the lowest since post-World War II. To address both health and economic needs during that crisis, the government had to borrow more money -- utang na minana ng kasalukuyang administrasyon (debt inherited by the current administration),” he said.
He noted that by 2022, when President Ferdinand R. Marcos Jr. took office, the national debt had soared by PHP7.47 trillion – surpassing the combined debt of all previous administrations and bringing the debt-to-GDP ratio from its lowest level of 39.6 percent in 2019 to a high of 60.9 percent in 2022.
“And now, it is our responsibility to repay these large borrowings. We inherited this debt but we do not intend to simply pass this burden onto the next administration. We intend to try our best to reduce it,” Recto explained.
He said that against a backdrop of geopolitical tensions, as well as supply chain disruptions from the pandemic, Congress mandated in the 2024 General Appropriations Act to sweep the unused, idle, and excess funds of GOCCs “to raise more resources to support the President’s priority programs and enhance economic recovery efforts.”
“As the Solicitor General has accurately pointed out early in this oral argument, this move is a temporary and common-sense approach within legal bounds to fund critical government programs for Filipinos,” Recto said.
“We are the government’s chief fundraiser. We are called to steward the nation’s fiscal stability. It is our duty to put every peso to work for the people. Sleeping funds serve no one. Every idle peso is a disservice to every Filipino.”
He pointed out that based on the 2024 GAA, the country had an appropriation of PHP5.76 trillion, of which only PHP4.27 trillion was supportable by revenues.
He said that reckoned on a daily basis last year, expenditures amounted to PHP15.8 billion a day in cash, of which PHP11.71 billion in cash was funded by revenue collections and the rest, PHP4.10 billion in cash, by loans.
Recto added that the move to sweep the unused, excess, idle funds of GOCCs, including PhilHealth, is in line with the principles of the Medium-Term Fiscal Framework to ensure the country’s macro-fiscal stability.
“This framework ensures that we reduce our fiscal deficit from a high of 8.6 percent to GDP in 2021 to only 3.7 percent in 2028. Last year, we already hit our target of reducing this to 5.7 percent. This will allow us to sustainably reduce our national government debt from a high of 60.9 percent of GDP in 2022 down to 56.3 percent in 2028.”
And just as in the pandemic that brought the Bayanihan 1 and 2 laws, Recto said the measure may be seen as a Bayanihan 3, which is “not funded by new taxes but one funded by the funds already in our possession and mobilizes all our available resources -- all idle, excess, and sleeping public funds -- to help the economy recover faster, create more jobs, increase incomes, and reduce poverty in the process.”
“We wouldn’t be doing our job, Your Honors, if we willfully neglected our duty to exercise fiscal prudence in this matter just because it is unusual. We wouldn’t be doing our job if we clung to convention over common sense,” he said.
The SC is hearing oral arguments challenging the Department of Finance-mandated transfer of PhilHealth’s PHP89.9 billion excess funds to the national treasury.
Of the excess funds, PHP60 billion has been transferred since 2024 while the remaining tranche worth PHP29.9 billion remains on hold after the SC issued a temporary restraining order.
But this transfer has been objected to which is why some funds remain on hold and the issue is before the Supreme Court.
Inflation is at its lowest since the pandemic began.
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| https://pia.gov.ph/ph-inflation-hits-historic-low-since-pandemic-govt-vows-continued-vigilance-and-proactive-measures-neda/ |
The government will continue to implement strategies to safeguard the purchasing power of Filipinos as the country’s inflation rate continued to decline in March 2025, according to the National Economic and Development Authority (NEDA).
The Philippine Statistics Authority (PSA) reported today (April 4) that the country’s headline inflation rate eased further to 1.8 percent in March, from 2.1 percent in February. This marks the lowest headline inflation rate since the height of the COVID-19 pandemic in May 2020 when inflation was recorded at 1.6 percent.
This decline was driven by slower inflation in both food (2.3% from 2.6%) and non-food (1.4% from 1.6%) items.
The easing of food inflation was primarily due to the faster year-on-year decline in rice, which decelerated to -7.7 percent in March 2025 from -4.9 percent in February 2025, as well as in meat and other parts of slaughtered land animals (from 8.8 percent to 8.2 percent) and vegetables, tubers, plantains, cooking bananas, and pulses (from 7.1 percent to 6.9 percent).
“The continued decline in inflation indicates the effectiveness of the government’s proactive measures to stabilize prices and protect the purchasing power of Filipino households. While the inflation rate continues to ease and remain within the target range, we commit to monitoring risks and shocks, particularly on anticipated electricity rate hikes and higher prices of fish and meat, and addressing them through timely and targeted interventions,” NEDA Secretary Arsenio M. Balisacan said.
Furthermore, the government will be vigilant regarding the potential implications of the recently issued Executive Order by United States President Donald Trump on tariff increases.
“With or without the trade policy changes in the US, maintaining sound macroeconomic fundamentals, improving the ease of doing business, maximizing existing trade agreements, and forging new partnerships are still the most important strategies we can pursue to ensure that we protect the purchasing power of Filipinos and promote rapid, sustained, and inclusive growth,” Balisacan said.
In light of the Philippine Atmospheric, Geophysical, and Astronomical Services Administration reporting a weakening of La Niña conditions, the government remains proactive in addressing the impact of climate change on vulnerable sectors. The Insurance Commission and the Philippine Crop Insurance Corporation have signed a memorandum of understanding to enhance insurance services for the agricultural sector against crop losses resulting from natural calamities, pests, and diseases.
To stabilize pork prices in Metro Manila, Food Terminals Inc., a state-owned corporation under the Department of Agriculture (DA), has signed a memorandum of agreement with the local branch of Thailand’s Charoen Pokphand Foods PLC (CP Foods). Concurrently, the Department of Science and Technology is monitoring a project by the Industrial Technology Development Institute under the Virology and Vaccine Research Program that aims to develop a real-time polymerase chain reaction protocol for fast, affordable, and onsite detection of the African Swine Fever virus to enhance biosecurity measures and disease control.
In addition, the DA and the National Housing Authority (NHA) signed a memorandum of understanding to establish Kadiwa Stores in NHA housing projects. The DA will provide logistical and technical support to facilitate the program’s implementation.
“Banking on the positive results of our short- and long-term initiatives to address inflationary pressures, the government will continue focusing on implementing policies to ensure that every Filipino benefits from a stable and resilient economy,” Balisacan emphasized.
The government continues to implement strategies to safeguard the purchasing power of Filipinos.
However they can't stop the global trade war Trump has launched with his tarrifs. The stock market has hit its worst low since the pandemic.
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| https://business.inquirer.net/518371/stocks-suffer-worst-fall-since-covid-19-pandemic |
The local stock barometer on Monday fell to its worst closing value in 30 months as investors cowered in fear of recession following global trade war escalation, which sent Asian stocks to a bloody start of the week.
The peso also depreciated by 60.9 centavos or 1.1 percent to finish the first trading day of the week at 57.43 versus the US dollar.
The PSEi went as low as 5,804.56 within the day before trimming its losses to settle at 5,822.52, representing a tumble of 4.3 percent, or 261.34 points.
Although better than its regional peers, this is still the steepest single-day drop of the benchmark index since June 2020, a COVID-19 pandemic year.
It is also the market’s lowest closing value since October 2022.
The latest move in the global trade war happened last Friday, when China retaliated with a 34-percent duty on goods coming from America.
This sent the PSEi into chaos early on Monday, opening 3 percent lower.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also noted that investors were now “looking as to whether other countries will continue to retaliate in a back-and-forth increase.”
In the Philippines’ case, it has not made a move against the 17-percent tariff imposed by the US.
Still, Cruz said the PSEi’s fall was “largely sentiment-driven,” and there may be room for a rally.
“In our view, as long as the underlying value of businesses and economies remains intact and undamaged by a war, the market will eventually stabilize, and stocks will bounce back,” she added.
And just as the Philippines is attempting to fully recover from the pandemic.
The World Bank has loaned the Philippines $800 million to shift to renewable energy sources as it grapples with post-pandemic growth.
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| https://www.philstar.com/business/2025/04/03/2433026/world-bank-lends-800-million-philippines-energy-transition |
The World Bank has approved an $800-million loan to support reforms promoting the shift to clean energy and climate resilience in the Philippines.
In a statement yesterday, the multilateral lender said its board of directors approved the loan to support the Philippine government’s policy reform efforts aimed at scaling up the adoption of clean energy technologies, increasing the security and competition of electricity markets, as well as improving water management.
The First Energy Transition and Climate Resilience Development Policy Loan is expected to increase the share of renewable energy in installed generation capacity to 42 percent by 2027 from 30 percent in 2023.
It will also finance the procurement of 1,000 megawatts of new offshore wind capacity and the implementation of energy efficiency measures.
In addition, it will support the use of electric vehicles in the public sector fleet.
The program will likewise help improve water resources management and water supply and sanitation through reforms that will promote better coordination between national and local governments.
While the Philippines has bounced back from the disruptions of the COVID-19 pandemic, it faces risks and challenges to long-term growth including rising dependence on imported energy, high power costs and natural disasters.
“Focusing on renewable energy sources and using energy more efficiently can help the country reduce electricity costs, improve energy security and cut down on pollution,” World Bank division director for the Philippines, Malaysia and Brunei Zafer Mustafao?lu said.
“Using more affordable renewable energy in the energy and transport sectors is crucial for the Philippines to build a strong economy,” he said.
To accelerate energy transition and make electricity affordable, World Bank senior energy specialist and task team leader Feng Liu said reforms are needed to ensure the Philippine government achieves its renewable energy and energy efficiency targets, while improving grid capacity and promoting competition in electricity markets.
“These reforms can help lower power supply cost and improve the reliability and resilience of the power system, thereby making electricity more affordable and reliable for Filipino households and businesses,” Liu said.
Interesting that the World Bank says "the Philippines has bounced back from the disruptions of the COVID-19 pandemic" while Finance Secretary Ralph Recto says "we are still recovering from the pandemic." Which statement is correct?
Justice is very slow in the Philippines. A recent case which was dismissed originally began in 2018. A case was finally filed in 2024.
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| https://tribune.net.ph/2025/04/06/sc-lets-mexico-mayor-off-the-hook-for-graft-malversation |
The dismissal of the graft and malversation of public funds charges against dismissed Mexico, Pampanga Mayor Teddy C. Tumang and a private individual was affirmed by the Supreme Court for violation of their right to speedy disposition of their cases.
The SC affirmed the 10 June 2024 ruling of the Sandiganbayan that dismissed the charges filed by the Office of the Ombudsman (OMB) against Tumang and businessman William B. Colis.
It was challenged by the OMB before the SC through its Office of the Special Prosecutor.
The SC decision, written by Associate Justice Samuel H. Gaerlan dated 17 February 2025 and made public on 4 April, dismissed the petition filed by the OMB.
In 2022, Tumang was reelected mayor while the cases against him were pending, but he was ordered dismissed by the OMB, whose ruling was affirmed by the Court of Appeals (CA).
He challenged the CA’s decision before the SC and pleaded for his reinstatement. His plea, contained in his appeal, is still pending resolution by the SC.
Records showed that Tumang and Colis were charged for the purchases of base coarse and other construction materials for Mexico town from 2006 to 2007. Tumang, as mayor, “illegally and invalidly” approved the disbursement vouchers in favor of Colis, the proprietor of Buyu Trading and Construction.
On 7 February 2018, Tumang and Colis were asked by the OMB to file their counter-affidavits, which they did on 28 February 2018.
The OMB’s graft investigator, on 20 November 2018, found probable cause to charge them before the Sandiganbayan. The resolution to file the case in court was approved by Ombudsman Samuel R. Martires on 28 March 2019.
Motions for reconsideration were filed by the two on 2 May 2019 and 6 May 2019, respectively.
Tumang and Colis’ motions were denied by the OMB on 23 April 2024, and the corresponding criminal charge sheets were filed before the Sandiganbayan on 25 April 2024.
Before their arraignment on 30 May 2024, Tumang and Colis filed their motions to quash information and/or dismiss the cases. Their motions were granted by the Sandiganbayan.
The Sandiganbayan, in dismissing the charges, agreed with Tumang and Colis that their right to the speedy disposition of cases was violated by the OMB, which conducted the investigation for more than six years from the filing of the complaints before the cases were filed before the anti-graft court.
It did not give credence to the justification of the OMB that the delay was caused by the then Covid-19 pandemic.
The Sandiganbayan said the pandemic was lifted on 23 July 2023, and yet the OMB resolved Tumang and Colis’ motions for reconsideration only on 23 April 2024, or nine months after the lifting.
Thus, the Sandiganbayan ruled that the delay in the preliminary investigation “impaired and prejudiced” Tumang and Colis’ ability to defend themselves.
The SC, in its decision, stated, “Undoubtedly, the long period of time while they were waiting for the resolution of the preliminary investigation proceedings constitute actual prejudice suffered by Tumang and Colis.”
Also, the SC said: “At this juncture, it must be underscored that the dismissal of the criminal charges against Tumang and Colis is tantamount to an acquittal, and therefore, they can no longer be re-litigated because double jeopardy has already attached.
“Significantly, the proscription against placing an accused in double jeopardy is enshrined in Article III, Section 21, of the 1987 Constitution.
“Accordingly, the petition for certiorari dated 8 Aug. 2024 is dismissed, and the Sandiganbayan First Division’s Resolution dated 10 June 2024 is affirmed.
The Ombudsman claimed the pandemic delayed them from filing the case but the Sandiganbayan did not believe their excuse. Who knows but these men are guilty and got off only because the slow wheels of justice in the Philippines.
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