The Department of Trade and Industry (DTI) denied that the ₱32.5 billion at the Philippine International Trading Corporation (PITC) are parked funds.
DTI Secretary Ramon Lopez and PITC President Dave Almarinez explained at the house committee on trade and industry hearing that procurements are ongoing for the ₱20.5 billion, while the ₱12 billion have been awarded and is up for delivery to government agencies and the Department of National Defense (DND).
Almarinez said procurement is expected to be completed this year for the ₱8 billion of the ₱20.5 billion. The remaining ₱12 billion have yet to be discussed whether it will be retained or returned to agencies for other projects.
50 percent of the interest earned by PITC in the procurement process are remitted to the national treasury and the other half is used as administrative fund.
The issue stemmed from the revelation of Senator Franklin Drilon that there is an alleged “parked” fund amounting to ₱33 billion at the PITC which cannot be returned to the national treasury. The DTI has been reported to have not received a formal letter from the Department of Budget and Management (DBM) to return the said funds.
Lopez has already relayed to Department of Finance (DOF) Secretary Dominguez the breakdown of the amount. The PITC is also coordinating with the Commission on Audit (COA) and is confident that there is no corruption and idle funds within the corporation. – Report from Louisa Erispe
