Disbursement of P1T in 2013 unclear – COA

The national government has not been transparent in its disbursement of P1.03 trillion in 2013, according to the Commission on Audit (COA).

The COA, citing figures from the Debt Analysis and Monitoring Division of the Bureau of Treasury, said the “hidden” expenditures identified as contingent liabilities included P920 billion for Build Operate Transfer (BOT)/Public Private Partnership projects, outstanding guarantees issued by the country and the Development Bank of the Philippines totaling P32 billion, foreign borrowings of the private sector amounting to P77 billion courtesy of Home Guaranty Corporation (HGC) and the Trade and Investment Development Corporation of the Philippines (Tidcorp).