COA flags AFP for unauthorized bank accounts, unfinished contracts
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Metro Manila (CNN Philippines, July 13) – The Commission on Audit (COA) flagged the Armed Forces of the Philippines (AFP) for its unauthorized bank accounts worth ₱1.8 billion and dozens of incomplete projects amounting to about ₱6.8 billion.
The latest COA report showed the 20 unauthorized bank accounts worth a total of ₱1,812,797,567.87 were deposited in different banks such as Land Bank of the Philippines, Development Bank of the Philippines, and United Coconut Planters Bank.
COA said the AFP Modernization Act Trust Fund has the highest remaining bank account balance with more than ₱1.3 billion in three bank accounts under its Central Office, followed by the AFP Educational Benefit System Office (EBSO) with eight bank accounts that totaled ₱347.48 million.
Published July 14, 2021 10:19am The Armed Forces of the Philippines (AFP) on Tuesday said it is addressing the issue on 20 unclosed bank accounts that the Commission on Audit (COA) has flagged as unauthorized. In a statement, the AFP said the 20 bank accounts with book balance of P1,812,797,567.87 are being maintained with several banks. These accounts are for the AFP Modernization Act Trust Fund-Central Office (AFPMATF), AFP Educational Benefit System Office (AFPEBSO), AFP Real Estate Office (AFPREO), and General Headquarters Central Office (GHQ-CO). For the AFPMATF, the AFP said three accounts were already authorized by the Permanent Committee and P62,386,689.47 were remitted to the Bureau of Treasury from September 3, 2020 to February 3, 2021.
By JULIA MARI ORNEDO, GMA News
Published July 14, 2021 12:20pm State auditors have flagged the Armed Forces of the Philippines (AFP) over 41 modernization projects with a total cost of P6.8 billion that were not completed within the contract period. In its 2020 audit, the Commission on Audit (COA) also noted that nine other AFP projects worth P940 million were suspended while one P12-million project was terminated. COA said that while some of the causes of delay such as the COVID-19 pandemic were out of the AFP’s control, other issues such as securing permits “could have been anticipated or resolved during early stages of project planning and implementation.”
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By HANA BORDEY, GMA News
Published July 8, 2021 1:30pm Senator Francis Pangilinan has warned that the government’s fiscal space will further tighten as public funds intended for social services will now be diverted to pay the country’s P11 trillion outstanding debt. “The fiscal space will definitely tighten as resources that would otherwise go to services, amelioration programs, and the much needed stimulus package will then be diverted for servicing our debts,” Pangilinan told GMA News Online. His statement came after the Bureau of Treasury announced that the national government’s outstanding debt stood at P11,071,130,000,000 as of end of May 2021.