Drilon said that if agencies are unable to obligate and disburse the funds themselves, the appropriation will lapse and the funds will revert to the national treasury.
Section 10 of the GAA mandates the reversion of funds when the terms have expired or when they are no longer necessary for the attainment of the purposes for which the funds were established. “Such a significant ‘trust liabilities’ account is prone to abuse, especially since PITC has a propensity to place funds made available to it, in money market instruments,” he added.Drilon also noted his surprise upon knowing the kind of procurements that PITC is undertaking for the government.
“P20 billion will be allocated for the purchase of vaccines through PITC. At a one-percent commission, that’s about P200 million. Apart from the COVID-19 funds, another P33.3 billion is in the books of PITC as deposits from other government agencies,” Drilon said.
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