Budget tracker cites red flags in Pharmally deal

Watch more on iWantTFC MANILA – An advocacy group that tracks state spending on the COVID-19 pandemic said it identified at least six 'red flags' in the government's deals with Pharmally Pharmaceutical Corp.

Abante said that they have five high-risk observations in relation to the contracts awarded to Pharmally by the procurement service division of the Department of Budget and Management .A sixth medium-risk observation, which was mentioned in the group's published analysis, said the reported amounts in the disclosures on the deals did not match.

“This is the single largest completed contract. There was none of these available. None of the disclosures were able to indicate that,” she stressed. “They just started with a paid up capital of P625,000 and at the start of 2020, before they bagged the first contract of P62 million, they only had cash of P599,000, and as mentioned by former USec. Lao yesterday in the Senate hearing, that there was no advance payment to the companies. Meaning that they need to deliver fully the items before they get fully paid.”

“It’s kind of a double whammy ‘cause if we had local suppliers, that could have translated to income for Filipinos and Filipino workers. But at the same time because it was awarded to this company, and there is seemingly undeclaration of VAT it also translated to lost revenues that we could have benefitted from.”

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COA said there is no anomaly.

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