ASEAN HEADLINES: MANILA, Philippines — ‘Devious’ PITC scheme kept P1 billion from gov’t coffers – Drilon
Senate Minority Leader Franklin Drilon.
MANILA, Philippines — The state trading company Philippine International Trading Corp. (PITC) is using “a devious scheme” to illegally keep at least P1 billion in government funds instead of remitting the money to the nation’s coffers for possible spending for urgent pandemic or disaster response, according to Senate Minority Leader Franklin Drilon.
In a statement on Saturday, Drilon said the PITC had “shortchanged” the government by holding on to the interests generated by the money it had received from various state agencies for purchasing goods and services in violation of the Government Auditing Code of the Philippines, or Presidential Decree No. 1445.
READ MORE: https://aseanews.net/2020/11/29/headlines-devious-pitc-scheme-kept-p1-billion-from-govt-coffers-drilon/