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MANILA – Senate Minority Leader Franklin Drilon said Monday that he suspects more than 33 billion pesos in government funds were deposited with the Philippines International Trade Corporation (PITC), a company under the Department of Commerce. and Industry.
Drilon initially said there may be around P18 billion, but after reviewing the audited financial statements, he said there could be more.
“The latest financial statement as of December 31, 2019 indicates that customer deposits in PITC are P33.4 billion. Now, assuming there are also some private sector deposits, which is not much, you are talking about funds for a sum of P33. billions in government funds deposited in a small commercial company, “he told ANC Headstart.
Government agencies usually turn to the PITC when they are supposed to buy goods and products, “and they spend the budget there so they say that it is already obligated when in fact it is already deposited,” Drilon said.
The senator said he will launch an investigation into this “can of worms.”
More details below.
ANC, ANC Top, ANC Exclusives, Franklin Drilon, PITC, Philippine International Trading Corporation, budget, corruption, PITC Senate investigation
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