PhilStar-Sept 30

President Duterte has justified the need to sell the country’s assets in Tokyo and Kobe, citing the Philippines’ need to raise money as a stopgap measure to prevent the Philippine Health Insurance Corp. (PhilHealth) from going bankrupt. “That is the reason why we are selling properties, real estate properties in Japan, because we have to raise money,” Duterte said in a delayed telecast address to the nation last Monday night. Duterte said the graft-ridden state insurer might end up cash-strapped if it would not be given interventions. Duterte made public his stand on the issue after Foreign Affairs Secretary Teodoro Locsin Jr. bared the plot to use the proceeds from the proposed sale as a “retirement fund of last resort” for some government officials “who’ve run through the budgets of their own agencies.”

Read more at: https://www.philstar.com/headlines/2020/09/30/2046108/philippines-selling-japan-properties-raise-funds-philhealth