A MULTISECTORAL group on Monday filed technical malversation, plunder, and grave misconduct complaints against Executive Secretary Ralph G. Recto and former PhilippineA MULTISECTORAL group on Monday filed technical malversation, plunder, and grave misconduct complaints against Executive Secretary Ralph G. Recto and former Philippine

Plunder, other raps filed vs Recto, Ledesma over PhilHealth fund transfer

A MULTISECTORAL group on Monday filed technical malversation, plunder, and grave misconduct complaints against Executive Secretary Ralph G. Recto and former Philippine Health Insurance Corp. (PhilHealth) President Emmanuel R. Ledesma, Jr. over the 2024 transfer of P60 billion in reserve funds.

The complaint-affidavit was lodged before the Office of the Ombudsman by the Save the Philippines Coalition, which accused Mr. Recto, as former Finance secretary, and Mr. Ledesma, former PhilHealth chief, of violating laws governing PhilHealth funds, while noting that the Supreme Court’s ruling declaring the transfer illegal did not impose criminal or administrative liability on Mr. Recto.

“Only the National Prosecution Service or the Office of the Ombudsman can determine whether there is probable cause to hold a person liable for a crime,” Irene Ann C. Caballes, one of the petitioners told reporters.

“Let’s leave it to these offices to decide if probable cause exists.”

Mr. Recto, for his part, said he remains committed and focused on his work, undeterred by political distractions.

“Will not get distracted by political noise. The work of improving government performance and services is my priority,” he told BusinessWorld via Viber.

He reiterated in a separate statement that he respects citizens’ right to seek redress before the courts and vowed full cooperation with the Office of the Ombudsman should it conduct a preliminary investigation.

“With the able representation by the Solicitor General, I welcome the opportunity to clarify the issues, prove my innocence, and debunk the allegations put forth,” he said.

“In my more than 30 years in government, this is the first case of such kind that I have confronted, and view it as part of public service,” he added.

Mr. Ledesma did not immediately reply to message seeking comment.

The high court earlier declared special provision 1(d) of the 2024 national budget and the related Department of Finance Circular 003‑2024 void, ruling the full P89.9-billion PhilHealth fund transfer unconstitutional and ordering the return of both the P60 billion already remitted and the remaining balance.

The tribunal also noted that Mr. Recto is not criminally or civilly liable, as he acted in “good faith” while performing a ministerial duty mandated by the 2024 general appropriations act. — Erika Mae P. Sinaking

Market Opportunity
FUND Logo
FUND Price(FUND)
$0.00921
$0.00921$0.00921
0.00%
USD
FUND (FUND) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Pi Network Implements Protocol v23 on Testnet, Boosts Pi Coin Value

Pi Network Implements Protocol v23 on Testnet, Boosts Pi Coin Value

TLDR Pi Network has successfully deployed Protocol v23 on its testnet, marking a key milestone in its blockchain development. Following the testnet upgrade, Pi Coin experienced a 1.51% price increase, along with a 40.4% rise in market value. The testnet validation confirmed the success of Protocol v23, processing up to 1,000 transactions per block without [...] The post Pi Network Implements Protocol v23 on Testnet, Boosts Pi Coin Value appeared first on Blockonomi.
Share
Blockonomi2025/09/20 00:28
Robert W. Baird & Co. Discloses Core AI Design Parameters and Launches Public Testing of Baird NEUROFORGE™ Equity AI

Robert W. Baird & Co. Discloses Core AI Design Parameters and Launches Public Testing of Baird NEUROFORGE™ Equity AI

New York, United States (PinionNewswire) — Robert W. Baird & Co. (“Baird”) today announced the public disclosure of selected core system design parameters of its
Share
AI Journal2025/12/23 02:16
BlackRock boosts AI and US equity exposure in $185 billion models

BlackRock boosts AI and US equity exposure in $185 billion models

The post BlackRock boosts AI and US equity exposure in $185 billion models appeared on BitcoinEthereumNews.com. BlackRock is steering $185 billion worth of model portfolios deeper into US stocks and artificial intelligence. The decision came this week as the asset manager adjusted its entire model suite, increasing its equity allocation and dumping exposure to international developed markets. The firm now sits 2% overweight on stocks, after money moved between several of its biggest exchange-traded funds. This wasn’t a slow shuffle. Billions flowed across multiple ETFs on Tuesday as BlackRock executed the realignment. The iShares S&P 100 ETF (OEF) alone brought in $3.4 billion, the largest single-day haul in its history. The iShares Core S&P 500 ETF (IVV) collected $2.3 billion, while the iShares US Equity Factor Rotation Active ETF (DYNF) added nearly $2 billion. The rebalancing triggered swift inflows and outflows that realigned investor exposure on the back of performance data and macroeconomic outlooks. BlackRock raises equities on strong US earnings The model updates come as BlackRock backs the rally in American stocks, fueled by strong earnings and optimism around rate cuts. In an investment letter obtained by Bloomberg, the firm said US companies have delivered 11% earnings growth since the third quarter of 2024. Meanwhile, earnings across other developed markets barely touched 2%. That gap helped push the decision to drop international holdings in favor of American ones. Michael Gates, lead portfolio manager for BlackRock’s Target Allocation ETF model portfolio suite, said the US market is the only one showing consistency in sales growth, profit delivery, and revisions in analyst forecasts. “The US equity market continues to stand alone in terms of earnings delivery, sales growth and sustainable trends in analyst estimates and revisions,” Michael wrote. He added that non-US developed markets lagged far behind, especially when it came to sales. This week’s changes reflect that position. The move was made ahead of the Federal…
Share
BitcoinEthereumNews2025/09/18 01:44