Photo Release

November 24, 2020

EO to revert P33 blllion to national treasury: Sen. Francis Pangilinan, reacting to the privilege speech of Senate Minority Leader Franklin Drilon, says an executive order should be issued in order to bring P33.4 billion worth of ‘sleeping’ funds at the Philippine International Trading Corporation (PITC) back to the national treasury so that it can be used to purchase COVID-19 vaccines. Pangilinan, during the hybrid plenary session, Tuesday, November 24, 2020, stated that the budget law requires that if funds are unused, the agencies are required to return them to the national coffers at the end of the year. “And so because we are in search of funds to purchase vaccines, then an executive order that mandates the return of these funds to the national treasury is well-within the powers of the executive,” Pangilinan said. (Screen grab/ Senate PRIB)