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Published May 7, 2021, 9:59 PM Defrauded of over P566 million that led to its abolition in 2013, the Philippine Forest Corporation has become so broke that it could not even pay the Bureau of Internal Revenue of its tax liability which is a requisite in closing its book of accounts. In a Management Letter on the Philforest audit conducted last year, the Commission on Audit said Philforest still cannot close its books of accounts as required under COA Circular No. 92-0375 “despite the lapse of seven years from” the approval of its abolition in 2013. In the letter sent recently to Natural Resources Secretary Roy A. Cimatu, Supervising Auditor Ma. Linda C. Decena cited the agency’s failure to pay P3.395 million in tax liabilities to the Bureau of Internal Revenue as among the causes of delay in the implementation of the winding of operations of state-run firm.

Roya cimatuJanet lim napolesLindac decenaBureau of internal revenuePhilippine forest corporationDepartment of environmentCorporation code of the philippinesTeam tiDepartment of budget managementRubber estate corporationCommission on auditBusiness corporationNational agriInternal revenueManagement letterNatural resources secretary roy