MANILA, Philippines — Finance Secretary Ralph Recto on Wednesday staunchly defended the government’s decision to tap idle funds from the Philippine Health Insurance Corporation (PhilHealth) and other state-run firms, branding it a “fiscally responsible Bayanihan 3” designed to alleviate national debt and propel economic recovery—without resorting to new taxes or fresh loans.
Speaking before the Supreme Court during oral arguments, Recto underscored the urgency of the initiative, painting a stark picture of the lingering economic wounds inflicted by the Covid-19 pandemic.
