COA advises PIDS to construct own building

State auditors have advised the Philippine Institute for Development Studies (PIDS) to construct its own building, instead of renting office space. The Commission on Audit (COA) noted that PIDS paid P132.8 million for office space rent in the last six years. Created in 1977, PIDS is tasked to assist policy makers and planners in crafting development policies, plans and programs. The PIDS currently leases the 18th floor of the Three Cyberpod Centris North Tower in Eton Centris, Quezon City, where it occupies 2,006.73 square meters of office space. The lease was first signed in 2015 and was extended for another three years in 2018, or until June 24, 2021. The COA expects PIDS to incur P107.479 million in lease and other expenses from 2021 to 2024. “The P107.479 million could be utilized by the PIDS to purchase a lot and start the construction of its own building instead of continuously renting an office space,” the COA said. —Julie M. Aurelio