The new 'Little President,' meanwhile, promises that the administration will 'go over all the amendments' in the 2026 budget like a fine-toothed comb to preventThe new 'Little President,' meanwhile, promises that the administration will 'go over all the amendments' in the 2026 budget like a fine-toothed comb to prevent

Accountability for 2025 budget mess? Up to Ombudsman, says Recto

2026/01/05 19:05
3 min read
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com

MANILA, Philippines – Acting Executive Secretary Ralph Recto said on Monday, January 5, that accountability for the 2025 budget would be up to the Office of the Ombudsman to investigate amid increased scrutiny about how it was crafted and how disbursements were made. 

“That’s for the Ombudsman to look into,” Recto said in a chance interview after President Ferdinand Marcos Jr. signed the 2026 budget into law. The Ombudsman is himself a former Cabinet official of Marcos — former justice secretary Jesus Crispin Remulla.

The January 5 signing date is the latest that the budget has been signed during the Marcos administration. 

In late 2024, Marcos and his economic managers — many of whom have since been replaced — scrambled to “regain control” of what would be the P6.326-trillion national budget for 2025. 

Several of the officials whom Marcos worked with in the waning days of 2024 — former executive secretary Lucas Bersamin, former budget chief Amenah Pangandaman, and former public works chief Manuel Bonoan — have since been sacked in relation to the massive flood control corruption scandal that the administration is still trying to manage. 

Only two officials from those late-2024 meetings remain in the Cabinet — Executive Secretary Recto, who was then finance chief, and Department of Economy, Planning, and Development Secretary Arsenio Balisacan. 

Watchdogs, critics, and even a former finance chief have criticized the now-infamous 2025 budget that has been described as among the worst in Philippine history. 

In 2025, some P363.4 billion in unprogrammed appropriations remained, even after Marcos already vetoed P168.240 billion worth of line items under the standby fund, or line items whose funding sources had yet to be determined. 

Pangandaman and Bersamin, according to Malacañang last November, had “offered and tendered their resignations out of delicadeza after their departments were mentioned in allegations related to the flood control anomaly currently under investigation.” Bersamin would later dispute that he had resigned and said that an unnamed person who was not from Malacañang had spoken to him on the phone to tell him to leave. 

Bonoan, meanwhile, left his post in September, citing “command responsibility.” It was later revealed that Bonoan himself had links to flood control projects through family members and friends.  

Recto, who was appointed to his new post in mid-November 2025, said the administration would “go over all the amendments [in the budget] like a fine-toothed comb.”

‘Di na mauulit yung nangyari (What happened then won’t happen again),” said the so-called “Little President,” without going into specifics.

In signing the 2026 budget, Marcos promised transparency and accountability — a battlecry of his since the flood control mess started. He vowed during his 2025 State of the Nation Address to hold accountable those who profited from substandard and nonexistent projects.

Marcos vetoed a little under half of the unprogrammed appropriations that still made it past Congress, leaving only three line items — the Philippines’ support for foreign-assisted projects, military modernization, and risk management related to public-private partnership projects — under unprogrammed appropriations. – Rappler.com

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 crypto.news@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

Franklin Templeton CEO Dismisses 50bps Rate Cut Ahead FOMC

Franklin Templeton CEO Dismisses 50bps Rate Cut Ahead FOMC

The post Franklin Templeton CEO Dismisses 50bps Rate Cut Ahead FOMC appeared on BitcoinEthereumNews.com. Franklin Templeton CEO Jenny Johnson has weighed in on whether the Federal Reserve should make a 25 basis points (bps) Fed rate cut or 50 bps cut. This comes ahead of the Fed decision today at today’s FOMC meeting, with the market pricing in a 25 bps cut. Bitcoin and the broader crypto market are currently trading flat ahead of the rate cut decision. Franklin Templeton CEO Weighs In On Potential FOMC Decision In a CNBC interview, Jenny Johnson said that she expects the Fed to make a 25 bps cut today instead of a 50 bps cut. She acknowledged the jobs data, which suggested that the labor market is weakening. However, she noted that this data is backward-looking, indicating that it doesn’t show the current state of the economy. She alluded to the wage growth, which she remarked is an indication of a robust labor market. She added that retail sales are up and that consumers are still spending, despite inflation being sticky at 3%, which makes a case for why the FOMC should opt against a 50-basis-point Fed rate cut. In line with this, the Franklin Templeton CEO said that she would go with a 25 bps rate cut if she were Jerome Powell. She remarked that the Fed still has the October and December FOMC meetings to make further cuts if the incoming data warrants it. Johnson also asserted that the data show a robust economy. However, she noted that there can’t be an argument for no Fed rate cut since Powell already signaled at Jackson Hole that they were likely to lower interest rates at this meeting due to concerns over a weakening labor market. Notably, her comment comes as experts argue for both sides on why the Fed should make a 25 bps cut or…
Share
BitcoinEthereumNews2025/09/18 00:36
Polygon Tops RWA Rankings With $1.1B in Tokenized Assets

Polygon Tops RWA Rankings With $1.1B in Tokenized Assets

The post Polygon Tops RWA Rankings With $1.1B in Tokenized Assets appeared on BitcoinEthereumNews.com. Key Notes A new report from Dune and RWA.xyz highlights Polygon’s role in the growing RWA sector. Polygon PoS currently holds $1.13 billion in RWA Total Value Locked (TVL) across 269 assets. The network holds a 62% market share of tokenized global bonds, driven by European money market funds. The Polygon POL $0.25 24h volatility: 1.4% Market cap: $2.64 B Vol. 24h: $106.17 M network is securing a significant position in the rapidly growing tokenization space, now holding over $1.13 billion in total value locked (TVL) from Real World Assets (RWAs). This development comes as the network continues to evolve, recently deploying its major “Rio” upgrade on the Amoy testnet to enhance future scaling capabilities. This information comes from a new joint report on the state of the RWA market published on Sept. 17 by blockchain analytics firm Dune and data platform RWA.xyz. The focus on RWAs is intensifying across the industry, coinciding with events like the ongoing Real-World Asset Summit in New York. Sandeep Nailwal, CEO of the Polygon Foundation, highlighted the findings via a post on X, noting that the TVL is spread across 269 assets and 2,900 holders on the Polygon PoS chain. The Dune and https://t.co/W6WSFlHoQF report on RWA is out and it shows that RWA is happening on Polygon. Here are a few highlights: – Leading in Global Bonds: Polygon holds 62% share of tokenized global bonds (driven by Spiko’s euro MMF and Cashlink euro issues) – Spiko U.S.… — Sandeep | CEO, Polygon Foundation (※,※) (@sandeepnailwal) September 17, 2025 Key Trends From the 2025 RWA Report The joint publication, titled “RWA REPORT 2025,” offers a comprehensive look into the tokenized asset landscape, which it states has grown 224% since the start of 2024. The report identifies several key trends driving this expansion. According to…
Share
BitcoinEthereumNews2025/09/18 00:40
OpenVPP accused of falsely advertising cooperation with the US government; SEC commissioner clarifies no involvement

OpenVPP accused of falsely advertising cooperation with the US government; SEC commissioner clarifies no involvement

PANews reported on September 17th that on-chain sleuth ZachXBT tweeted that OpenVPP ( $OVPP ) announced this week that it was collaborating with the US government to advance energy tokenization. SEC Commissioner Hester Peirce subsequently responded, stating that the company does not collaborate with or endorse any private crypto projects. The OpenVPP team subsequently hid the response. Several crypto influencers have participated in promoting the project, and the accounts involved have been questioned as typical influencer accounts.
Share
PANews2025/09/17 23:58