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Trade chief assures no missing funds in PITC

By Kris Crismundo

December 9, 2020, 8:18 pm

MANILA – Trade Secretary Ramon Lopez has assured lawmakers in the House of Representatives that there are no missing government funds in the Philippine International Trading Corp. (PITC), an attached agency of the Department of Trade and Industry (DTI).
 
During the lower house’s Committee on Trade and Industry virtual meeting Wednesday, Lopez said the funds from different agencies that are now with PITC are committed for ongoing procurement projects and awarded contracts
 
“We assure the public that no government funds are lost or wasted. Wala pong perang nawawala (There are no missing funds). Everything is accounted for at nandiyan po ‘yan nakahanda para sa procurement process na ongoing (and it is there, being prepared for ongoing procurement process),” he said.
 
Lopez added a resident auditor of the Commission on Audit (COA) is assigned in the PITC to examine, audit, and settle accounts, funds, financial transactions, and resources of the state-owned trading firm.
 
The PITC has submitted its official records to the office of Senator Franklin Drilon amid the allegations of the lawmaker that billions of government funds are being “parked” in PITC, the trade chief said.
 
He reiterated these are not “parked” or “idle” funds but are ongoing procurement projects, noting the crafting of terms of reference (TOR) in respective agencies takes time and mostly the main reason why it took a longer period for PITC to award the projects back to the government agencies.
 
In the recent Senate hearings, PITC was also urged to return the alleged “parked” funds to the national treasury.
 
“If we are just to return this budget, then that means that mawawalan na ng procurement projects itong mga agency o mawawala na ang mga equipment na kinakailangan nila (these agencies will lose procurement projects or lose the equipment they need), and this will be a disservice to the agencies. They are under a contract of negotiation between the agency and PITC, and at the same time, it will be less efficient in serving its function as it serves the people. So, it will also be a disservice to the people,” Lopez said.
 
The DTI chief added the department has created its own task force to conduct preliminary verification of the exact status of ongoing procurement projects between PITC and other government agencies.
 
Lopez also rebutted the allegations that PITC is collecting commissions for its service.
 
“The law creating PITC and the Administrative Code of 1987 empowers it to charge service fee, especially since it is self-sustaining,” he said, adding the PITC does not even get a budget from the national government but religiously remits dividends to the national treasury.
 
“We remain confident and we stand by the integrity and professionalism of our civil servants in the PITC,” Lopez said. (PNA)
 
 

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