• Palace says P130B Malampaya funds intact


    Malacañang on Tuesday maintained that the P130 billion Malampaya funds remain intact, a day after officials of the Department of Finance (DOF) claimed that the money had been spent.

    Secretary Herminio Coloma of the Presidential Communications Operations Office said that there was “partial confusion” in the accounting of the fund.

    On Monday, Finance Secretary Cesar Purisima and National Treasurer Rosalia de Leon told the Senate that the money was gone.

    “There is no more cash,” de Leon told Sen. Ralph Recto when he asked where the money went.

    Coloma explained that the Malampaya funds is a “special account in the general fund.”

    “Under the one fund concept of our treasury, all public funds are in the general fund, unless otherwise specified.” He added that the Malampaya funds were used to support the national budget.

    Citing the big picture of revenues and disbursements of the national government, Coloma said that the “national expenditure plan or the national budget reflects disbursements.”

    He, however, noted that government revenues “have always fallen short of the national expenditures.”

    He explained that always, the allocation for expenditure is bigger in the national budget than the revenues collected. “No wonder then that we resort to borrowing.”

    But through sound fiscal management and sound macroeconomic fundamentals, the Aquino administration was able to reduce the government deficit in half, Coloma added.

    The Bureau of Treasury earlier reported that from 2002 to October 9, 2013, the government collected about P183.57 billion with a total disbursement of P46.5 billion up to August 29, 2013.

    Coloma said the total remittances under the Arroyo administration amounted to P90 billion.

    The disbursements under the present administration, he said, totaled P19 billion while that of the previous administration stood at P23.6 billion.

    This leaves P137.288 billion in the fund, he pointed out.

    He said the Aquino administration will comply with all laws to ensure that all fund usage be aboveboard.


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    1 Comment

    1. Wala nga raw yung 130b pesos sa kaha o bank account. Ang tanong, san napunta yung cash. Sino ang gumamit? Iba yung 130b pesos sa listahan kesa sa Zero na cash