Drilon: Over P33 billion ‘parked’ in DTI firm PITC

MANILA, Philippines — Senate Minority Leader Franklin Drilon on Monday said he suspects over P33 billion in taxpayer money were parked in a little-known state-run trading company under the Department of Trade and Industry.

Initially, he said there were at least 18 billion “parked” and “sleeping” in the coffers of the Philippine International Trading Corp. However, upon reviewing the audited financial statements, Drilon said there could be more.

“After looking at the audited  financial statement, I suspect it’s over P33 billion,” he said in an interview over ABS CBN News Channel.

“The latest financial statement as of December 31, 2019 indicates that customers’ deposits in PITC is P33.4 billion. Now, assuming that there are also some private sector deposits which is not much, so you are talking about funds to the tune of P33 billion in government funds deposited in a small trading firm,” Drilon added.

He said government agencies usually engage the services of PITC when they are supposed to buy goods and products, and “pass on the budget there so that they will say it is already obligated when in truth and fact it is just deposited.”

The Senate Minority Leader earlier said he would seek a Senate inquiry into the books of the PITC.

PITC was recently tasked with importing COVID-19 vaccines from pharmaceutical companies amid optimistic reports about the results of recent phased trials.

JE