Billions of APEC funds remain unliquidated – COA

  • COA reports that there are still P2.5 billion worth of APEC funds that has not been liquidated
  • The funds were distributed by Malacañang to implementing agencies such as DILG, PNP, PCOO and DOT
  • Malacañang’s spending also quadrupled from 2014 to 2015 due to the APEC hosting

The Asia Pacific Economic Cooperation Summit was held in the Philippines  about eight months ago but the funds used for the gathering of member nations remains unliquidated, the Commission on Audit (COA) said.

COA said in its report that there are still P2.5 billion worth of APEC funds which has yet to be liquidated by government agencies that received money from Malacañang.

These agencies include the Department of Interior and Local Government (DILG), the Philippine National Police (PNP), Presidential Communications Operations Office (PCOO), Department of Tourism (DOT) and five other public offices. Of these offices, DILG received the biggest amounting to P1.67 billion.

PhilStar cited in its story that based on the memorandum of agreement signed by implementing agencies with Malacañang, funds must be liquidated within 15 days after the conduct of a project. Excess funds must also be returned to the office that issued the disbursement.

But COA found that P2.544 billion funds still have to be accounted for. Only P2.154 million have been reported by yearend of 2015.

Meanwhile, the COA report also showed that Malacañang’s spending significantly grew due to the APEC’s hosting.

From 2.025 billion in 2014, the Office of the President spent as much as P8.075 billion in 2015.

Leaders of the member-nations of the APEC flew here in the Philippines to attend the summit held in Pasay City from November 18 to 19.