COA flags PITC over P11B unused fund transfers
MANILA, Philippines — The Philippine International Trading Corp. (PITC) failed to return to its source agencies (SAs) or to the Bureau of Treasury (BTr) P11.022 billion unutilized fund transfers from 2014 to 2020.
In its 2020 audit report, the Commission on Audit (COA) said the PITC did not return the funds to the BTr but instead were scheduled for bidding or procurement this year.
The PITC is an attached agency of the Department of Trade and Industry for procuring items for government agencies.
According to the COA, some fund transfers from previous years scheduled for procurement or bidding were not returned to the BTr as PITC was still waiting for the terms of reference and approved budgets for the contract from SAs.
State auditors ordered PITC to immediately return to the BTr the remaining unutilized funds from SAs and residual fund transfers from completed projects from 2014 to 2020.
