MALACAñANG on Thursday said government-owned and -controlled corporations (GOCCs) that were found to have billions in unliquidated funds released through the controversial Disbursement Acceleration Program (DAP) should make an explanation in accordance with government auditing rules.
“They [GOCCs] have the opportunity and sufficient time to submit their replies based on the COA [Commission on Audit] findings,” Presidential Communications Secretary Herminio Coloma Jr. said.
In its report dated September 29, 2014 but made public only on October 20, COA ordered four state corporations to return to government coffers a total of P2.405 billion in unused funds. These agencies are the National Electrification Administration (NEA), Philippine Institute for Development Studies (PIDS), National Dairy Authority (NDA) and Philippine Fisheries Development Authority (PFDA).
Despite these findings, Coloma maintained that the DAP was instrumental in economic growth.
“President [Benigno] Aquino [3rd] noted the World Bank report stating that DAP has helped boost the economy,” the Palace official explained, saying the DAP was conceptualized after the Cabinet discovered hindrances to growth.
State auditors found out that of the funds released to the NEA under the DAP, P1.58 billion was unused and should be returned while PIDS has P560 million in unused DAP funds; NDA, P167.44 million; and PFDA, P98 million.