PITC to remit interest income to national treasury —Palace

The Philippine International Trading Corporation (PITC) will remit to the national coffers its interest income from fund transfers from various government agencies, Malacañang said Tuesday.

Presidential spokesperson Harry Roque Jr. gave the assurance after Senate Minority Leader Franklin Drilon accused the PITC of keeping at least P1 billion in interest income from the funds it has been holding in trust.

It was also Drilon who flagged the over P33 billion in government funds that are supposedly parked at the PITC, a state-run firm under the Department of Trade and Industry (DTI).

“Naanunsiyo na po ni [Trade] Secretary [Ramon] Lopez na bagama’t sa legal charter po ng PITC ay pupuwede nilang kunin iyong interest doon sa P33 billion at ang binibigay lang ngayon sa national government ay 50% dahil nga po kinakailangan natin ng pondo para sa COVID [response], ibibigay na nila 100% na interest na tinubo ng P33 billion,” Roque said at a news conference.

Roque added that the DTI, Department of Finance (DOF) and Department of Budget and Management (DBM) will check which projects have been implemented or discontinued. He said the P11-billion defense procurement project being handled by the PITC would continue.

“Iyong mga hindi na tuloy na proyekto, iyan po iyong ibabalik ng mga ahensiyang nagbigay ng pondo sa PITC sa National Treasurer nang magamit po ng Presidente sa ibang pamamaraan,” he said.

Last week, the DOF sought the DBM’s assistance for the return to the Bureau of the Treasury of over P33 billion in funds lodged with the PITC, but Roque said President Rodrigo Duterte had no issue with the alleged parked funds.

“Alam ninyo po ang sabi ng Presidente, wala naman pong isyu diyan. Eh ano kung P33 billion iyong nakabinbin? Pero iyong P33 billion, hindi po ibig sabihin na idle lang po iyan, iyan po ay undergoing different stages of procurement,” Roque said.

"Kagabi nga po, sinabi ni [Defense] Secretary [Delfin] Lorenzana na ang DND ay mayroong P11 billion po na binigay sa PITC pero hindi po ibig sabihin iyon na walang nangyayari; iba’t ibang stages of bidding nga lamang."

PITC president and CEO Dave Almarinez had earlier denied accusations that the state trading firm served as a “parking lot” for unused funds of various government agencies.

Almarinez said that the PITC is a self-sustaining government-owned corporation as it does not rely on government appropriations for operational needs. -MDM, GMA News