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MANILA, Philippines – Senator Francis Pangilinan on Wednesday urged President Rodrigo Duterte to issue an executive order for the return to the national treasury of P33 billion in public funds “parked” at the Philippine International Trading Corp. (PITC), saying this would free to get a large amount of money for the purchase of COVID-19 vaccines.
“Since the PITC is under the Department of Commerce and Industry (DTI), it is within the purview of executive action to order the immediate return of such amounts,” Pangilinan said in a statement.
“And since we are looking for funds to buy vaccines, then an executive order that orders the return of these funds to the national treasury is within the powers of the executive,” he added.
Pangilinan was reacting to Senate Minority Leader Franklin Drilon’s privileged speech calling on the Senate to force the small business enterprise to return the amount to the national coffers.
Drilon said Tuesday that government agencies were using the PITC to avoid the requirement to return unspent public funds under the cash-based General Appropriations Act.
An estimated P73.2 billion is needed to vaccinate 60 million Filipinos, according to Pangilinan.
‘Easy to achieve’
Officials previously estimated that the government would need to vaccinate 60 percent of the population to ensure herd immunity.
“This will be very easy to do. We are still looking for money to finance COVID-19 vaccines, but here we have P33.4 billion that are stationed ”at PITC, Pangilinan said, adding that the government would no longer need to take out any more loans.
In August, the country’s outstanding debt stood at P9.615 trillion mainly due to the coronavirus crisis.
In its interpellation of Drilon’s speech on Tuesday, Pangilinan confirmed from Drilon that the P33.4 billion were in banks or money market placements, “appearing as PITC assets and earning billions [in] interest.”
Questionable
According to Drilon, the money could have been sleeping with PITC for years, prompting Pangilinan to comment: “In effect, your CEO or whoever is in charge is like a glorified parking attendant rather than a trade expert because of all the money that is being spent. parked. “
Regarding plans for the PITC to handle the procurement of the COVID-19 vaccine, Pangilinan said its ability to deliver results was questionable.
“Why bring so much funding to buy vaccines from an entity that has failed miserably in terms of purchase or use of funds in the last 10 years?” he pointed.
Pangilinan noted that the corporation’s failure to use the allocated P33.4 billion could also be “gross and inexcusable negligence” on the part of its officials, adding: “I will leave that matter for reflection when we enter the committee. . hearings “.
The PITC was recently tasked with procuring COVID-19 vaccines following successful trials of various drugs developed by multinational pharmaceutical companies.
During plenary budget deliberations last week, senators criticized the agency for its poor record as the only commercial company in the country “dedicated to exports, commercial services and special trade agreements” to support national industries.
Redundant agency
Senator Panfilo Lacson said it might be necessary to review the functions of the PITC, as it was turning out to be a “redundant agency”, considering that the Department of Budget and Management (DBM) already had its own Procurement Service, while other agencies had yours. bidding and award committees.
“The problem is this: If agencies purchase items through their own bidding and award committees or DBM’s Procurement Service, the unused funds can be turned into savings,” he said in an interview with the ANC.
“The Constitution allows the president, the president of the Senate, the speaker of the House of Representatives and the president of the Supreme Court to realign them with other elements of their respective offices. But the funds with the PITC remain inactive and are returned to the treasury, “he said.
Lacson added that the DTI firm could potentially hamper national development, as funds entrusted to it for acquisitions could not be used and realigned for urgent programs.
“So development is somewhat stunted because funds that should have been available are returned to the Treasury and cannot be realigned for other needs,” he said.
The PITC, according to Lacson, was established by Presidential Decree No. 252 in 1973, and amended through PD 1071, which expanded its mandate to be “one of the drivers of Philippine trade around the world.”
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