News Regulations29 May 2026

Philippine finance chief sued over alleged US$2.8bn transfer of state insurers' funds


The Philippines' finance chief is being sued over the alleged diversion of funds from the country's state insurance institutions to the national treasury. The charges were filed by health reform advocate and former adviser to the Department of Health, Dr Tony Leachon. He filed plunder and technical malversation cases before the Office of the Ombudsman against Finance Secretary Ralph Recto over the PHP60bn ($1bn) diversion of funds from PhilHealth reserve funds and PHP107bn from the Philippine Deposit Insurance Corporation (PDIC).

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