The Commission on Audit warned the Nayong Pilipino Foundation could run out of funds even before it has started its mandated purpose of constructing a cultural park in Parañaque City.
That agreement covered a 5.43-hectare portion of Nayong Plipino’s 15-hectare property in the Manila Bay reclamation area. So far, Resorts World has paid an advance rental of P1 billion and reimbursed P232 million for the construction of roads, paving, drainage system on the property.
The state auditors warned: “If NPF would not introduce PAPs that would generate additional sources of funds/revenue and/or introduce improvements on fiscal management, the total remaining trust fund of P754.682 million would be depleted after 6.34 years.”
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