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5 of 20 flagged bank accounts used for essential purposes: AFP

AFP spokesperson, Col. Ramon Zagala (File photo) MANILA - The Armed Forces of the Philippines (AFP) said it has closed 15 out of the 20 bank accounts reported as unauthorized by the Commission on Audit (COA) but it expressed hope that it will be allowed to retain the remaining five, saying these are needed for essential purposes. In a statement late Sunday, AFP spokesperson, Col. Ramon Zagala identified the retained bank accounts and the reason for doing so. "(First is) Account Number 00-140-102888-6 of UCPB (United Coconut Planters Bank). This account is for payment of procurement under the AFP Modernization Program. There are several multi-year contracts being serviced by this account," he added. Zagala said closing this account now will jeopardize the payment schedule for these contracts. "We have requested the Permanent Committee to retain this account until the procurement it is supporting is completed," he added. Established in 1987, the Permanent Committee mo

The philippinesRamon zagalaModernization programReal estate officeLand bankUnited coconut planters bankEducational benefit system officePermanent committeeCommission on auditArmed forces of the philippinesDepartment of budgetArmed forcesAccount numberBenefit system officeAwards committeeAfp spokesperson

COA flags AFP for unauthorized bank accounts, unfinished contracts

COA flags AFP for unauthorized bank accounts, unfinished contracts enablePagination: false endIndex: 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.

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AFP says it is taking actions on unclosed bank accounts flagged by COA

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.

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Military explains delays in modernization projects

Military explains delays in modernization projects
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COA flags AFP for unauthorized bank accounts, unfinished contracts

COA flags AFP for unauthorized bank accounts, unfinished contracts
cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.

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