Kiko Pangilinan urges Palace to issue EO withdrawing P33B 'parked' in PITC

Senator Francis "Kiko" Pangilinan on Wednesday urged the Malacanang to issue an executive order for the immediate transfer of the P33 billion government funds "parked" at the state trading firm Philippine International Trading Corporation (PITC).

These idle funds could be used to procure COVID-19 vaccines, according to the senator, as he stressed that around P70 billion is needed to cover the initial immunization of 60 million Filipinos.

"Since the PITC is under the Department of Trade and Industry, it is in the realm of executive action to order the immediate return of the said amount," Pangilinan said in a statement.

"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,” he added.

Pangilinan's call resounds that of Senate Minority Leader Franklin Drilon who earlier revealed that the customer’s deposits in PITC grew to P33.4 billion

Drilon said some government agencies may be using the PITC to make it appear that their budgets were already obligated when in fact it was just transferred and the goods and services that were supposed to be procured remain undelivered.

The PITC was tapped to be the purchasing arm of the state for COVID-19 vaccines that will be bought through loans, the amount of which is tentatively pegged at P20 billion.

However, senators have expressed misgivings whether the firm can deliver efficiently, considering its track record which was allegedly marred with delays.

"Why bring that much fund to purchase vaccines into an entity that has failed miserably in delivering in terms of purchasing or utilizing funds in the last 10 years?" Pangilinan asked.

The Senate plans to launch an investigation to review the charter of the PITC.—AOL, GMA News