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Pharmally executives liable for misstatements: Senate Minority Leader Franklin Drilon urges concerned agencies to file charges against Pharmally Pharmaceutical Corp. executives for “material misstatements” in their income tax returns. Asian Consulting Group (ACG) president and chief executive officer Raymond Abrea said Pharmally had material misstatements such as P74 million unaccounted cash, P3.4 billion unsupported purchases, P898 million VAT due, P92 million forex gains, P121 million inventory, P33 million donations, P60 million undisclosed trade payables and P32 million overstated expenses. “Let me place on record, Mr. Chairman, that these material misstatements as being pointed out, can be considered as false entries, at least a prima facie case of false entries. Under the National Internal Revenue Code, specifically Sec. 257, false entries, records and reports are punishable by imprisonment of anywhere from two years and one day to four years. In case there are foreigners, deportation,” Drilon said during the continuation of the Blue Ribbon inquiry on the 2020 COA report related to the budget utilization of the Department of Health (DOH), particularly its COVID-19 expenditures, Thursday, November 4, 2021. (Screen grab/Senate PRIB)