Photo Release

November 24, 2020

On P33 billion sleeping funds: Senate Minority Leader Franklin Drilon in his privilege speech during the hybrid plenary session Tuesday, November 24, 2020, raises the question of the appropriateness of the designation of the Philippine International Trading Corporation (PITC) to procure P20-billion worth of COVID-19 vaccines, knowing too little about this government-owned and controlled corporation. Drilon said PITC’s audited financial statements show that there are P33.4 billion of government funds parked for years in this firm. “Mr. President, the government is having difficulties in raising funds due to the drop in revenues, but here you have government agencies depositing their budgets in PITC to make it appear that the funds are obligated where in truth and in fact, it is sleeping in the coffers of PITC and interest is being earned,” Drilon said. (Screen grab/ Senate PRIB)