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MANILA, Philippines – Senator Francis “Kiko” Pangilinan asked the Palace to issue an executive order to transfer the 33.4 billion pesos funds that were deposited in the bank accounts of the Philippine International Trading Corporation (PITC) to the national treasury and use them for buy COVID-19 vaccines for Filipinos.
Pangilinan made the comment Wednesday after Senate Minority Leader Franklin Drilon asked the upper house to force the PICT to revert the amount to the national coffers.
“Since the PITC depends on the Department of Commerce and Industry (DTI), it is within the scope of executive action to order the immediate return of such amounts,” Pangilinan said in a statement.
“And as we are looking for funds to buy vaccines, then an executive order ordering the return of these funds to the National Treasury is within the powers of the Executive,” added the senator.
With the amount, Pangilinan also said that the government does not need to obtain loans or, if it still needs them, it does not have to take out a large number of loans that could sink Filipinos further into debt.
“It just came to our notice then. We are looking for money for COVID vaccines and other needs of our fellow Filipinos, here are the P33.4 billion parked,” said Pangilinan.
(It is very easy to do. We are still looking for money for COVID-19 vaccines and other Filipino needs when there is already P33.4 billion in funds parked).
During Tuesday’s interpellation, Pangilinan also confirmed to Drilon that the P33.4 billion are in banks or money market placements, appearing as PITC assets and earning billions of interest.
“It’s like they are laundering money or bathing with the money they have,” Pangilinan said.
(It seems they are swimming in the money they have).
On questioning Pangilinan, Drilon also said that the money could have been sleeping with PITC for years.
“In effect, your CEO or whoever is in charge is like a glorified parking attendant rather than a business expert because of all the money that is parking,” Pangilinan said.
Regarding plans for PITC to take over the procurement of the COVID-19 vaccine, Pangilinan said the corporation’s ability to deliver results is questionable.
“Why bring in so much money to buy vaccines from an entity that has failed miserably in terms of purchase or use of funds in the last 10 years?” Pangilinan said.
The senator added that the fact that the corporation does not use the P33.4 billion allocated could also be “gross and inexcusable negligence” on the part of its officials.
“I will let that matter be reflected upon when we go into the committee hearings,” Pangilinan said. With a report by Miguel Dumlao, INQUIRER.net fellow
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