PS-DBM: P3-billion investment fund to revert to treasury | Inquirer News
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PS-DBM: P3-billion investment fund to revert to treasury

Logo of Department of Budget and Management with peso bills background STORY: PS-DBM: P3-billion investment fund to revert to treasury

MANILA, Philippines — The Procurement Service of the Department of Budget and Management (PS-DBM) will return to state coffers P3 billion in investment funds recently flagged by state auditors.

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“As regards the audit observation memorandum (AOM) on the high-yield investment, please note that we are already reviewing the audit observation on the high-yield savings account and shall revert to the Commission on Audit (COA) to address the AOM,” Dennis Santiago, PS-DBM executive director, said in a statement on Tuesday.

State auditors learned that the PS-DBM had invested in high-yield savings accounts with the Land Bank of the Philippines and Development Bank of the Philippines to earn at higher interest rates as compared to current or savings accounts.

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But the COA had noted that PS-DBM did not have a mandate to invest funds and its primary task was to procure common-use supplies and equipment for other government agencies.

In the same statement, Santiago also echoed Budget Secretary Amenah Pangandaman’s call last week, asking legislators to give the controversial agency a chance amid bills filed in Congress seeking its abolition.

Press Secretary Trixie Cruz-Angeles, meanwhile, said that Malacañang would wait for the results of the investigations before making its stance known on calls to abolish the PS-DBM.

At the House of Representatives, the Makabayan bloc filed House Bill No. 3270, which sought to abolish the PS-DBM for being a “breeding ground for graft, corruption, inefficiency and negligence of the duties of other government agencies.”

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P3 billion high-yield investment of PS-DBM flagged by COA is ‘intact’ – exec

Budget chief: Give PS-DBM a chance

PS-DBM suspends procurement of non-common use supplies, equipment

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TAGS: Bureau of the Treasury, Commission On Audit, DBM Producrement Service, PS-DBM investment fund
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