Former Bayan Muna Partylist Representative Carlos Zarate expressed concern over the Supreme Court’s lack of ruling on the ₱107 billion Philippine Deposit Insurance Corporation (PDIC) funds transferred to the National Treasury in 2024.
“The Supreme Court’s decision on the PhilHealth funds is a welcome, though partial, affirmation that public funds must not be used at the mere whim of the executive branch,” Zarate said, recalling his role as a petitioner questioning the fund transfers.
“However, the absence of a similar pronouncement regarding the ₱107 billion PDIC fund transfer is concerning. This money—intended as an insurance safety net for bank depositors—was similarly raided from a Government-Owned and Controlled Corporation (GOCC) to fund the Marcos Jr. government’s unprogrammed appropriations,” he added.
Zarate urged the Supreme Court to prohibit the Executive and Congress from declaring GOCC funds as “excess” and using them for government projects of their choosing. He stressed the need to close the “legal loophole” that allows questionable fund transfers.
“Because the Supreme Court decision is silent on the ₱107 billion PDIC fund transfer, Congress may once again be emboldened to insert a special provision in the General Appropriations Act (GAA), the national budget, to allow such transfers from various GOCCs to fund unprogrammed items,” Zarate said.
“This is not a theoretical threat; it’s a clear and present danger to our public coffers. Until that legal loophole is closed, the people’s money will always be at risk of being diverted through questionable special provisions in the budget,” he warned.