PITC returns ₱10.20 B in 'parked funds' of various government agencies

Published October 18, 2021, 9:53 PM

by Manila Bulletin

The Senate Committee on Finance Sub-Committee J, under its chairman Sen. Joel Villanueva, approved the proposed 2022 budget of the Philippine International Trading Corporation (PITC) during its budget hearing on Monday, October 18.

The committee panel gave its approval to the budget of PITC after hearing the agency’s report. It will now be submitted to the mother committee for plenary deliberation.

Christabelle Ebriega, OIC President and CEO of PITC, gave a presentation about PITC’s organization, mandates, outsourced procurement services, fund transfers, and corporate operating budget estimates during the hearing.

Sen. Franklin Drilon, in his manifestation, inquired about PITC’s other sources of income, procurement activities history, fund transfers made and funds returned.

Ebriega, who is also the vice president of PITC’s government procurement group, gave her explanation on the fund transfers from government and military accounts amounting to ₱20.23 billion which she said are from procurement services.

She also noted the funds returned to the national treasury from 2020 and the first three quarters of 2021 which reached a total of ₱10.20 billion.

The committee also asked the PITC to provide a report on unreturned funds to be remitted to the national treasury which amounts to ₱1.96 billion from discontinued projects and residual savings.

Ebrieaga assured the Senate panel that the ₱1.96 billion will be returned to the agencies that made the transfer.

PITC is a self-sustaining government-owned and controlled corporation attached to the Department of Trade and Industry (DTI) and created by virtue of Presidential Decree No. 1071. (Melvin Sarangay)