Malampaya Fund Intact, National Treasurer Assures

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The Bureau of Treasury (BTr) on Wednesday maintained that the Malampaya fund remains intact as it denied the claim of Sen. Ralph Recto that the government could not account for P130 billion of the gas money.

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In a statement, the bureau said that collections and government shares for the fund are still credited and booked under Fund Code 151, a Special Account in the General Fund (SAGF) managed by the agency.

“Sen. Recto’s claims are unfounded and misleading. The remaining Malampaya Fund balance—all amounting to P137.288 billion—is not ‘gone,’ as he says, but perfectly intact in the National Treasury,” Treasurer Rosalia de Leon said.

The BTr explained that the Malampaya Fund was created to finance energy resource exploration and development programs and projects of government and “such other purpose as may be directed by the President,” as prescribed under Presidential Decree (P.D.) No. 910 issued on March 22, 1976, Creating the Energy Development Board.

It said that “Malampaya Funds” are sourced and collected through the Department of Energy (DOE) from, among others, government share representing royalties and rentals, as well as production share on service contracts and other payments on the exploration, development and exploitation of energy resources, in accordance with P.D. No. 1234 issued on November 8, 1977.

“The Malampaya Funds are considered income and collections authorized by law that shall be remitted to the National Treasury,” it added.

Furthermore, the bureau noted that the total amount deposited by the DOE in the Malampaya Fund from March 25, 2002 to September 30, 2013 amounted to P179.338 billion.

Meanwhile, the total Special Allotment Release Order (SARO) releases against the gas fund during the same period reached P42.050 billion, leaving a balance of P137.288 billion.

“From 2004 to 2009, the Malampaya account funded P303 million of energy-related projects, as opposed to P23.3 billion of non-energy related projects,” it said.

On the other hand, the bureau said that under the Aquino administration, the Malampaya fund backed P18.45-billion worth of energy-related projects.

Mayvelin U. Caraballo

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