Connect with us

Hi, what are you looking for?

Economy

DTI trading arm’s funds accounted for as Senate probe looms

TRADE SECRETARY Ramon M. Lopez said his department’s trading arm has accounted for all funds allocated to it, ahead of a possible Senate investigation into its finances.

Senate Minority Leader Franklin M. Drilon said that he wants to investigate Philippine International Trading Corp. (PITC), where he said around P18 billion in taxpayer money is “parked.”

Mr. Lopez said in a briefing Monday that the agency, which is attached to the Department of Trade and Industry (DTI), observes strict procurement procedures and places its funding in escrow until the terms of its transactions are finalized. Budgets from failed auctions return to the Treasury, he added.

“In effect, wala talagang natitira na pera sa PITC dahil po all are accounted for,” he said. “Wala pong kontrobersya dito dahil tagabili lang ang PITC at nagma-manage ng bidding process (No money remains with the PITC and everything is accounted for. There is no controversy because the PITC is just the purchasing agent and manages the bidding process).”

He said some processes are delayed to the following year due to delays in evaluating technical specification evaluations, which he said happens at other agencies as well.

PITC has been assigned to import coronavirus disease 2019 (COVID-19) vaccines. The agency charges a commission of between 1% and 5% from procuring government agencies.

During budget hearings of the Armed Forces of the Philippines, senators found that the PITC owed the military at least P9.6 billion.

Mr. Drilon also referred to Commission on Audit reports saying that PITC owed P9.176 billion in balances of fund transfers from government agencies from 2009-2019 that have remained unutilized.

Mr. Lopez said that PITC should explain its funding status. As of 2019, unused funds were returned to the Treasury, while ongoing procurement will continue to be processed, he said.

Money that is not returned to the Treasury translates to PITC income, he said.

Kalahati nito dini-dividend din sa government, at kalahati ay pangtustos sa operations ng PITC dahil ang PITC, walang natatanggap na budget from government. Self-sustaining siya. (Half of the income is returned to the government as dividends, and the rest sustain PITC operations. PITC receives no budget allocations as it is self-sustaining).” — Jenina P. Ibañez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

CHICAGO — The United States declared monkeypox a public health emergency last week, an effort to bolster the US response to contain the outbreak....

Economy

MANILA – The Philippine economy grew 8.2% in the first quarter of 2022 from a year earlier, only slightly lower than the previously-reported growth...

Economy

Unemployment rate steadied in June, while job quality improved to its best in over a year, the Philippine Statistics Authority reported on Monday. Preliminary...

Economy

Follow us on Spotify BusinessWorld B-Side By Patricia B. Mirasol, Reporter speaking to Bernardo M. Villegas WITH EVERY CHANGE of administration comes the question of...

Economy

In line with the national government’s thrust to transform the Philippines through PPPs and collaboration between LGUs and the private sector, Iloilo City Mayor...

Economy

Click to enlarge. Click to enlarge.   Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.